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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
CORPORATE INFORMATION
BOARD OF DIRECTORSPraful A. ShahChairman & Managing DirectorAlok P. ShahJoint Managing Director & CFOSanjay S. Shah
Suhail P. Shah
Arunchandra N. Jariwala
Company Secretary
REGISTERED OFFICE1st Floor, Tulsi Krupa Arcade, Near Aai Mata Chowk,Puna-Kumbharia Road, Dumbhal,Surat 395010.Tel: (0261) 2311197, 2311615.Fax: (0261) 2311029.
CIN: L17111GJ1979PLC003463
CORPORATE OFFICEManek Mahal, 90, Veer Nariman Road,Churchgate, Mumbai 400 020Tel: (022) 2287 3117-19Fax: (022) 2204 8112
STATUTORY AUDITORS
Chartered Accountants, Surat
COST AUDITORSManubhai & AssociatesCost Accountants, Surat
(i) Vareli Complex, Village Vareli Taluka Palsana, Dist. Surat 394 327 Tel: (02622) 271241-47
(ii) Village Jolwa, Taluka Palsana, Dist. Surat 394 305 Tel: (02622) 271287-89
BANKERSBank of BarodaAllahabad BankState Bank of IndiaBank of India
Union Bank of IndiaIDBI Bank Limited
Export Import Bank of India
Indian BankICICI Bank Ltd.
REGISTRARS & SHARE TRANSFER AGENTS
Gachibowli, Financial District, Nanakramguda,Hyderabad 500032.State: Telangana, India.Tel: 040 6716 2222,Fax: 040 2300 1153
CONTENTS PAGE NO. .......................................... 02
Directors’ Report and MDA ..................................................... 31 ........................................... 63
Independent Auditors’ Report (Standalone) ........................... 79Balance Sheet (Standalone)..................................................... 86
.............................. 87Cash Flow Statement (Standalone) ......................................... 88Notes forming part of the Accounts (Standalone)................... 89Consolidated Financial Statements ......................................... 118
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
held on Puna-Kumbharia Road, Dumbhal, Surat 395010, to transact the following businesses:-
(a) the Audited Financial Statement of the Company for the year ended 31st March, 2016, together with the Reports of the Board of Directors and Auditors thereon; and
(b) The Audited Consolidated Financial Statement of the Company for the year ended 31st March, 2016, together with the Report of Auditors thereon.
Ordinary
Company and the Auditors.”
Ordinary
NOTICE
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
necessary, consent of the members of the Company be and is hereby accorded to re-appointment and payment of
the Board of Directors of the Company (which term shall be deemed to include any
and is hereby authorised to do all such acts, deeds and things and execute all such documents, instruments and
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
necessary, consent of the members of the Company be and is hereby accorded to appointment and payment of
the Board of Directors of the Company (which term shall be deemed to include any
and is hereby authorised to do all such acts, deeds and things and execute all such documents, instruments and
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
the Board of Directors of the Company (which term shall be deemed to include any
and is hereby authorised to do all such acts, deeds and things and execute all such documents, instruments and
Ordinary
of `
Mumbai, 28th May, 2016
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GARDEN SILK MILLS LIMITED
3. The Register of Members and Share Transfer Register Books of the Company will remain closed from Tuesday, 8th
Companies Act, 2013 and the Register of contracts or arrangements in which the Directors are interested, maintained
9. Members are requested to furnish their Bank Account details, change of address and all other required details to the
Share Transfer Agent.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Company at the following address:
Financial District, Nanakramguda,Hyderabad 500032Toll Free No. (India) : 1800 345 4001Phone No. 040 67162222Fax No. 040 - 23420814
If the shares are held in electronic form, then change of address and change in the Bank Accounts, etc. should be
and Proxy Form is being sent by electronic mode to all those Members whose email addresses are registered with the
2008-09 30.09.2009 29.09.2016
2009-10 31.08.2010 30.08.2017
2010-11 20.09.2011 19.09.2018
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GARDEN SILK MILLS LIMITED
due datesclaim shall lie against the IEPF or the Company in respect thereof and the Members would lose their right to claim
Tuesday, 13th September, 2016 (5.00 p.m.) during this period, the members of the Company, holding shares
Those members
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
password. The new password shall comprise of minimum 8 characters with at least one upper
The system will prompt you to change your password and update your contact details like mobile
Silk Mills Limited.
ABSTAIN. If the shareholder does not indicate either “FOR” or “AGAINST” it will be treated as “ABSTAIN” and the shares held will not be counted under either head.
ENT NO.”
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GARDEN SILK MILLS LIMITED
ii.
USER ID
The results shall simultaneously be communicated to the Stock Exchanges.
Mumbai, 28th May, 2016
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
ANNEXURE TO THE NOTICE
a member along with requisite amount proposing the candidature of Shri Deepak N. Shah as a Director of the Company.
shares of the Company.
a term upto 13th September, 2021.
thereunder for his appointment as an Independent Director of the Company and he is independent of the management.
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GARDEN SILK MILLS LIMITED
None of the Director
Shah, himself as a Director of the Company.
Director or Managing Director may be re-appointed in the last year of their tenure.
Shri Praful A. Shah has been associated with the Company for more than four decades. He holds Master of Science degree
by him and the industry benchmarks, it was proposed to re-appoint Shri Praful A. Shah as Chairman and Managing Director.
the Board.
`
(furnished or otherwise) or house rent allowance in lieu thereof; house maintenance allowance, together with
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
(c) The Company’
the end of the tenure, as per the rules of the Company and to the extent not taxable under the Income-tax law
use on the Company’s business, club membership and telephone expenses at residence shall be reimbursed at actuals and not considered as perquisites.
prescribed under Schedule V of the Act.
(iii) The Managing Director shall adhere to the Company’s Code of Business Conduct & Ethics for Directors and Management Personnel.
from being appointed as a Director i
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GARDEN SILK MILLS LIMITED
The Company belongs to the GARDEN VARELI Group. The Company is one of India’s leading and most reputed
as well as Dyed and Printed Sarees and Dress Materials.
` 2385.32
102.82Less: Finance Costs 177.25
(74.43)66.82
(141.25)(0.64)
(140.61)
` 313.22
NIL
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
II Info
Shri Praful A. Shah who graduated in Mechanical Engineering from Michigan and post-graduated in Mechanical
Director of the Company.
Shri Praful A. Shah, the founder Chairman of the Company has been instrumental in chartering the growth of
(` in Lacs p.a.)Salary
Shri Praful A. Shah 132.60 11.08 143.68
Award for Outstanding Business Person for the year 2008-09 by The Southern Gujarat Chamber of Commerce & Industry.
Shri Praful A. Shah has been associated with the Company for more than 4 decades. During his tenure as
(` in Lacs p.a.)Salary*
Shri Praful A. Shah 132.00 165.00 297.00
and the Board of Directors of the Company.
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GARDEN SILK MILLS LIMITED
companies.
Shri Praful A. Shah is a promoter group shareholder. The total promoter holding directly and indirectly along with body corporates in the Company as on 31st March, 2016 is 24302230 Equity Shares of ` 10 each which
at ` 2567.31 crore from `
polyester chain in tandem with the fall in crude oil prices. The fall in selling prices is directly related to the fall
goods declined at faster rate compared with the prices of related raw materials.
undertaken capacity expansions. Another large PTA plant is expected to come on-stream in the current
polyester companies.
denier, melange, mother yarn, nylon and spandex-based yarns.
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
It is therefore propose
`
(furnished or otherwise) or house rent allowance in lieu thereof; house maintenance allowance, together with
the end of the tenure, as per the rules of the Company and to the extent not taxable under the Income-tax law
use on the Company’s business, club membership and telephone expenses at residence shall be reimbursed at actuals and not considered as perquisites.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
V of the Act.
the business of the Company;
results to the Managing Director;
g) establish performance goals, allocate resources, and assess policies for the management of the Company;
Managing Director.
(iii) The ED, CFO and COO shall adhere to the Company’s Code of Business Conduct & Ethics for Directors and Management Personnel.
on 164 of the Act.
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GARDEN SILK MILLS LIMITED
Except Sh
The Company belongs to the GARDEN VARELI Group. The Company is one of India’s leading and most reputed
as well as Dyed and Printed Sarees and Dress Materials.
`
2385.32102.82
Less: Finance Costs 177.25(74.43)
66.82(141.25)
(0.64)(140.61)
`
313.22NIL
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
(` in Lacs p.a.)
Salary
Shri Alok P. Shah 111.00 7.89 118.89
• Member of Tau Beta Pi Honors engineering society at Stanford,
Shri Alok P. Shah has had a brilliant academic career. He has wide exposure and knowledge in project appraisal,
of the Company.
(` in Lacs p.a.)
Salary *
Shri Alok P. Shah 120.00 150.00 270.00
and the Board of Directors of the Company.
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GARDEN SILK MILLS LIMITED
companies.
Shri Alok P. Shah is a promoter group shareholder. The total promoter holding directly and indirectly along with body corporates in the Company as on 31st March, 2016 is 24302230 Equity Shares of ` 10 each which
at ` 2567.31 crore from `
polyester chain in tandem with the fall in crude oil prices. The fall in selling prices is directly related to the fall
goods declined at faster rate compared with the prices of related raw materials.
undertaken capacity expansions. Another large PTA plant is expected to come on-stream in the current
polyester companies.
denier, melange, mother yarn, nylon and spandex-based yarns.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
help demand.
ITEM NO.7
business policy decisions of the Company.
ns of the Act.
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GARDEN SILK MILLS LIMITED
`
(furnished or otherwise) or house rent allowance in lieu thereof; house maintenance allowance, together with
the end of the tenure, as per the rules of the Company and to the extent not taxable under the Income-tax law
use on the Company’s business, club membership and telephone expenses at residence shall be reimbursed at actuals and not considered as perquisites.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
aboV of the Act.
of the Managing Director.
Management Personnel.
The Company belongs to the GARDEN VARELI Group. The Company is one of India’s leading and most reputed
as well as Dyed and Printed Sarees and Dress Materials.
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
`
2385.32102.82
Less: Finance Costs 177.25(74.43)
66.82(141.25)
(0.64)(140.61)
`
313.22NIL
(` in Lacs p.a.)Salary
Shri Suhail P. Shah 132.80 1.08 133.88
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
• Has to h
Shri Suhail P. Shah has had a brilliant academic career. He has wide exposure and knowledge in project appraisal,
(` in Lacs p.a.)
Salary *
Shri Suhail P. Shah 96.00 120.00 216.00
and the Board of Directors of the Company.
Shri Suhail P. Shah is a promoter group shareholder. The total promoter holding directly and indirectly along with body corporates in the Company as on 31st March, 2016 is 24556130 Equity Shares of ` 10 each which
Company is the son of Shri Praful A. Shah, Chairman and Managing Director and brother of Shri Alok P. Shah, ED, CFO & COO of
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GARDEN SILK MILLS LIMITED
at ` 2567.31 crore from `
polyester chain in tandem with the fall in crude oil prices. The fall in selling prices is directly related to the fall
goods declined at faster rate compared with the prices of related raw materials.
undertaken capacity expansions. Another large PTA plant is expected to come on-stream in the current
polyester companies.
denier, melange, mother yarn, nylon and spandex-based yarns.
Annual Report 2015-2016
30
GARDEN SILK MILLS LIMITEDSh
ri Su
hail P
. Sha
hSh
ri Pr
aful
A. S
hah
Shri
Alok
P. Sh
ah00
7190
0207
3568
0700
2181
4300
2181
80Da
te o
f Birt
hIn
dian
Indi
anIn
dian
Indi
anBr
ief R
esum
e - A
ge an
d 42
year
s
M.S.
Phy
sical
Chem
istry
A.B.
Che
mist
ry an
d Ph
ysics
66 ye
ars
Fello
w M
embe
rship
(FCA
)
Acco
unta
nts o
f Ind
ia (IC
AI).
78 ye
ars
Grad
uate
in M
echa
nica
l En
ginee
ring f
rom
Mich
igan
and
post-
grad
uate
d in
Mec
hani
cal
Engin
eerin
g fro
m St
anfo
rd
46 ye
ars
Grad
uate
in El
ectri
cal E
ngin
eerin
g fro
m St
anfo
rd
Chica
go, U
SA.
Re-a
ppoi
ntm
ent
15 ye
ars
acco
unta
nt h
olds
mor
e tha
n 3 d
ecad
es o
f exp
erien
ce in
Inte
rnal
Audi
t and
MIS
expe
rienc
e of m
ore t
han
four
de
cade
s.
He h
as w
ide e
xpos
ure a
nd kn
owled
ge in
pro
ject
appr
aisal,
asse
ssin
g tec
hnica
l feas
ibilit
y in
resp
ect
Dire
ctor
ship
held
in o
ther
Pu
blic
Limite
d Co
mpa
nies
Prab
hat S
ilk M
ills Lt
d.
Vare
li Tra
ding
Co.
Ltd.
Nil
Prab
hat S
ilk M
ills Lt
d.Va
reli T
radi
ng C
o. Lt
d.
Ltd.
Prab
hat S
ilk M
ills Lt
d.Va
reli T
radi
ng C
o. Lt
d.
com
pani
es (i
nclu
de o
nly A
udit
Nil
Nil
Nil
Nil
No. o
f sha
res h
eld in
the
Com
pany
4966
85Ni
l27
8919
075
4671
Shri
Suha
il P. S
hah
is re
lated
to Sh
ri Pr
aful
A. S
hah
and
Shri
Alok
P. Sh
ah,
Dire
ctor
s of t
he C
ompa
ny.
Shri
Deep
ak N
. Sha
h is
not
relat
ed to
any o
f the
Dire
ctor
of
the C
ompa
ny.
Shri
Praf
ul A.
Shah
is re
lated
to
Shri
Alok
P. Sh
ah an
d Shr
i Suh
ail P.
Sh
ah, D
irecto
rs of
the C
ompa
ny.
Shri
Alok
P. Sh
ah is
relat
ed to
Shri
Praf
ul A
. Sha
h an
d Sh
ri Su
hail P
. Sha
h, D
irect
ors o
f the
Com
pany
.
Mum
bai,
28th
May
, 201
6
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Dear Members,
ended 31st March, 2016.
(` in crores)
2648.44
116.62
Less: Finance Costs 183.24
76.13
(142.75)
0.00
(142.75)
2015-16.
business of the Company.
` 2567.31 crore from `
with the fall in crude oil prices. The fall in selling prices was directly related to the fall in raw material prices, which in turn
prices of related raw materials.
` 845.57 crore as compared to ` 842.85 crore in
Annual Report 2015-2016
32
GARDEN SILK MILLS LIMITED
` 1519.01 crore as compared to ` 1726.71 crore
` 184.33 crore as compared to `
` 339.45 crore compared to `
` 102.82 crore as compared to ̀ 116.62 crore
` 183.24 crore to ` 177.25 crore. The Finance charges for the year 2015-16 includes ` 24.55 crores as mark-
receipt at 62.34)
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
remain in deeper recessions than forecast earlier. The outlook assumes rural income and spending will rebound with a return
industry and for the Company.
The Company’s high debt and interest cost pose a challenge as well. It is presently engaged with its bankers toward a debt-rework.
presently appears small.
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
it probable that the TPP may not be passed in a hurry.
prospects are the breakthroughs we are hoping to make in the specialty chip, yarn and fabric businesses.
mother yarn, nylon and spandex-based yarns.
with consistent quality and further tapping unexplored export markets like the Middle East, Far East, UK, Canada etc.,
The Issued, Subscribed and Paid-up equity share capital as on 31st March, 2016 was ` 4208.25 Lacs. There was no public
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
been acknowledged to be due to external circumstances. Consequently, majority of polyester players are going through a
read with the Companies (Acceptance of Deposits) Rules, 2014 and as such, there are no outstanding deposits in terms of the Companies (Acceptance of Deposits) Rules, 2014.
.
‘which forms part of this Report.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
of 3 years w.e.f. 1st June, 2016. Shri Alok Shah has been associated with the Company for more than 15 years as a member
Shri Praful A. Shah, Managing Director, Shri Alok P. Shah, Joint Managing Director and CFO and Shri Kamlesh B. Vyas, Company
the period prescribed under the Companies Act, 2013.
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
knowledge and belief state that:
from the same;
2016 and of the loss of the Company for the year ended on that date;
Key Managerial Pe
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
there are no details to be disclosed in Form AOC-2 in that regard.
Rules, 2015.
without any compromise.
and Outgo are set out in the forming part of this Report.
Annual Report 2015-2016
40
GARDEN SILK MILLS LIMITED
risks which in the opinion of the Board threaten the existence of the Company.
transfer to IEPF.
Accountants as the Auditors of the Company from the conclusion of the ensuing AGM to the conclusion of the next AGM.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
As required under the Compa
16. The Secretarial Audit Report is annexed as and forms an integral part of this Report. The report of the
Shri Piyush Patel, Chartered Accountant (ICAI Membership No.116769) as Internal Auditor of the Company. The audit
the Companies (Corporate Social Responsibility Policy) Rules, 2014.
to this
he website of the Company.
Annual Report 2015-2016
42
GARDEN SILK MILLS LIMITED
materials, if any;
or with the Company.
and forms an integral part of this Report. The Company had 4,948 permanent employees as at 31st March, 2016.
Companies of your Company.
forming part of the Directors Report.
Awards-2016” in Good for Business - Manufacturing category in March 2016 at New Delhi.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Thermal Power and other plants.
employees of the Company.
Annual Report 2015-2016
44
GARDEN SILK MILLS LIMITED
within India and the countries in which the Company conducts business and other ancillary factors.
Praful A. Shah
Mumbai, 28th May, 2016.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
power for water treatment and pumping.
- Energy Audit is also being carried out by external agencies.- Maintenance of the machines as per schedule.
polyester chips segment.
of market base.
by the Company.C. FOREIGN EXCHANGE EARNINGS AND OUTGO
`i) Raw materials, stores and spare parts, Capital goods and other products 62183.73ii) Expenditure in foreign currency 2218.78
31322.48
Annual Report 2015-2016
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GARDEN SILK MILLS LIMITED
1 A brief outline of the Company’s CSR
programs proposed to be undertaken and a reference to the web-link to the CSR policy and projects or programs.
Company has also adopted a CSR policy in compliance with the aforesaid
2
b. Mr. Arunchandra Jariwala, (Independent Director)
3
the Companies Act, 2013) Company has incurred an expenditure of `
4 Prescribed CSR Expenditure (two per cent Not applicable.
5 Details of CSR expenditure during the ` 7,67,845
(a) Total amount to be spent for the Not applicable.
(b) Amount unspent, if any. Not applicable.
(c) Manner in which the amount spent The Company has spent an aggregate amount of ` 7,67,845 towards
the year.
6 Reasons for failure to spend the two per Not applicable.
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Sr. No.1.
employees of the Company for the Financial
2.Mr. Alok P. Shah, Joint Managing Director & CFO - Not applicable.
3. The Percentage increase in the median
4. Number of Permanent Employees on the rolls of the Company as on 31st March, 2016.
4948
5.
performance.6
and totally) against the performance of the company.
2015-16 ` 4.55 Crore*
` 2385.32 Crore
` 141.25 Crore)
applicable.
the Companies Act, 2013.7.
of employees other than the managerial
thereof and point out if there are any
Not applicable.
Annual Report 2015-2016
48
GARDEN SILK MILLS LIMITED
Sr. No.
employees and Managerial employees.
Not applicable.
8. Not applicable.
9.director to that the employees who are not
paid director during the year.
None.
10.policy of the Company.
11. ` 90.90 crore.` 109.20 crore.
12.March, 2016 and 31st March, 2015.
Not applicable.
13. Percentage increase or decrease in the market
comparison to the rate at which the company
` 21.60 per share.` 25.95 per share.
Praful A. Shah
Mumbai, 28th May, 2016.
49
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Tulsi Krupa Arcade, 1st Floor, Puna-Kumbharia Road, Dumbhal, Surat 395010
my opinion thereon.
Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the
(i) The Companies Act, 2013 (the Act) and the Rules made thereunder;
15th May, 2015);
regarding the Companies Act and dealing with client;
Annual Report 2015-2016
50
GARDEN SILK MILLS LIMITED
During the per
Scheme) Guidelines, 1999;
2015; and
of the Board, as the case may be.
during the audit period, there
For K. Dalal & Co.
Kunjal DalalPlace: SuratDate: 28th May, 2016
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Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Tulsi Krupa Arcade, 1st Floor, Puna-Kumbharia Road, Dumbhal, Surat 395010
1. Maintenance of secretarial record is the responsibility of the management of the company. My responsibility is to express an opinion on these secretarial records based on my audit.
basis for my opinion.
For K. Dalal & Co.
Kunjal DalalPlace: SuratDate: 28th May, 2016
Annual Report 2015-2016
52
GARDEN SILK MILLS LIMITED
(` In Lacs)
Sr. No. FZE
1 Not Applicable Not Applicable
2 Not ApplicableUSD Exchange rate:USD 1 = ` 66.25
3 Share capital Not Applicable 80.17
4 Not Applicable 103.43
5 Total assets Not Applicable 48960.72
6 Not Applicable 48777.12
7 Not Applicable 0.00
8 Not Applicable 13096.99
9 Not Applicable 123.52
10 Not Applicable 0.00
11 Not Applicable 123.52
12 Not Applicable 0.00
13 Not Applicable
1.
2. There were no Associates and Joint Ventures of the Company.
Praful A. Shah
Mumbai, 28th May, 2016
53
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
i) CIN L17111GJ1979PLC003463
ii)
iii) Name of the Company Garden Silk Mills Limited
and contact detailsTulsi Krupa Arcade, First Floor, Puna-Kumbharia Road, Dumbhal, Surat 395010 Tel. No. 91-261-2311197-98
Name, Address and Contact details of Registrar and Transfer Agent, if any
Gachibowli, Financial District, Nanakramguda Hyderabad 500032 Toll Free No. (India) : 1800 345 4001 Phone No. 040 67162222 Fax No. 040 23420814
Sl. No.1 Polyester Chips & Polyester 203-Manufacture of man-made 92.14
S. No.
NAME AND ADDRESS OF THE COMPANY
ASSOCIATE1
Area, DubaiN.A. Subsidiary 1 2(87)(ii)
Annual Report 2015-2016
54
GARDEN SILK MILLS LIMITED
%
% o
f %
of
Indi
an
(a)
6373
683
0 63
7368
3 63
7368
3 0
6373
683
(b)
0 0
0 0
0 0
(c)
Bodi
es C
orpo
rate
1189
7666
0
1189
7666
11
6437
66
0 11
6437
66
(d)
0 0
0 0
0 0
(e)
Any
Oth
er (S
peci
fy) P
ARTN
ERSH
IP F
IRM
4334
921
1949
860
6284
781
6284
781
0 62
8478
1
(a)
0 0
0 0
0 0
0 0
(b)
Bodi
es C
orpo
rate
0 0
0 0
0 0
(c)
0 0
0 0
(d)
Any
Oth
er (S
peci
fy)
0 0
0 0
0 0
(a)
0 12
100
1210
0 0
4800
48
00
(b)
150
950
1100
10
0 82
50
8350
(c)
0 0
0 0
0 0
(d)
Vent
ure
Capi
tal F
unds
0
0 0
0 0
0
55
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
%
% o
f %
of
(e)
Insu
ranc
e Co
mpa
nies
0 0
0 0
0 0
(f)0
1621
5 16
215
0 16
215
1621
5
(g)
0 0
0 0
0 0
(h)
0 0
0 0
0 0
(i)An
y O
ther
(Spe
cify
)
i.0
0 0
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250
350
(a)
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5059
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2 41
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2 35
04
4150
336
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0 69
0 70
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4 0
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0 20
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10
0 0
0 0
0
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blic
0 0
0 0
0 0
0 0
0 0
0 0
Annual Report 2015-2016
56
GARDEN SILK MILLS LIMITEDSr
. N
o.
No.
of
No.
of
172
3199
6 72
3199
6
239
3087
2 39
3087
2
3Pr
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e37
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424
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aful
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(Ind)
2059
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2059
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ri Pr
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(HU
F)10
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7 10
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7
7Sh
ri Al
ok P.
Sha
h75
4671
75
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873
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48
0878
9Sh
ri Sa
njay
S. S
hah
6896
60
6896
60
10Sh
ri Pr
aful
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hah
(Ind)
6551
55
7301
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11Sh
ri Su
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5716
85
4966
85
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4606
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9369
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a S.
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3
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. Sha
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4
16Sh
ri Ra
jen
P. S
hah
4198
41
98
17Va
reli
Trad
ing
Co. L
td.
20
20
57
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Sl.
No.
No.
of
No.
of
No.
of
172
3199
6 0
7231
996
239
3087
2 0
3930
872
3Pr
aful
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2059
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0 20
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ok P.
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h75
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0
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(1
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)Tr
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er72
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(150
100)
Tran
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5726
78
(558
00)
Tran
sfer
5168
78
(360
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Tran
sfer
4808
78
4808
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ri Pr
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(Ind)
6551
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. Sha
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td.
20
0 20
Annual Report 2015-2016
58
GARDEN SILK MILLS LIMITEDSr
. N
o.
No.
of
No.
of
No.
of
1IL
and
FS
Trus
t Co
Ltd.
3591
559
(191
69)
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sfer
3572
390
(523
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Tran
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3520
048
(297
94)
Tran
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3490
254
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Tran
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3419
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(152
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Tran
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237
(356
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59
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Sr.
No.
KMP
No.
of
No.
of
No.
of
1Sh
ri Pr
aful
A. S
hah
(Ind)
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. Vya
s Co
mpa
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ecre
tary
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0
Annual Report 2015-2016
60
GARDEN SILK MILLS LIMITED
(` in Lacs)
i) Principal Amount 115155.83 1056.92 734.63 116947.38 ii) Interest due but not paid 777.33 0.00 0.00 777.33 iii) Interest accrued but not due 472.51 7.22 0.00 479.73
22349.68 0.00 0.00 22349.68 26817.14 135.94 47.89 27000.97
i) Principal Amount 111390.83 921.48 686.74 112999.05 ii) Interest due but not paid 340.93 0.00 0.00 340.93 iii) Interest accrued but not due 206.45 6.72 0.00 213.17
(` In Lacs)Sr. No. Shri Praful
A. ShahShri Alok P.
ShahShri Sanjay
S. ShahShri Suhail
P. Shah1 Gross salary
the Income-tax Act, 1961
132.60 111.00 59.08 132.80 435.48
Income-tax Act, 196111.08 7.89 0.00 1.08 20.05
tax Act, 1961
0.00 0.00 0.00 0.00 0.00
2 0.00 0.00 0.00 0.00 0.00 3 Sweat Equity 0.00 0.00 0.00 0.00 0.00 4 Commission
0.00 0.00 0.00 0.00 0.00 - others, specify... 0.00 0.00 0.00 0.00 0.00
5 Others, please specify 0.00 0.00 0.00 0.00 0.00
Ceiling as per the Act
61
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
(` in Lacs)
Sl. No. Shri A. N.
JariwalaShri Shri Sunil Shri
N. Shah
Shri H. C.
1.01 1.01 0.97 0.31 0.35 0.00 3.65
• Commission 0.00 0.00 0.00 0.00 0.00 0.00 0.00 • Others, please specify 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.66 0.66
• Commission 0.00 0.00 0.00 0.00 0.00 0.00 0.00 • Others, please specify 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(` in Lacs)Sl. No. CFO*
Shri Alok P. Shah
1 Gross salary
Income-tax Act, 196113.60 111.00 124.60
0.35 7.89 8.24
Act, 19610.00 0.00 0.00
2 0.00 0.00 0.00 3 Sweat Equity 0.00 0.00 0.00 4 Commission
0.00 0.00 0.00 - others, specify... 0.00 0.00 0.00
5 Others, please specify 0.00 0.00 0.00
` 118.89 lacs during the year 2015-16 in his capacity as Joint Managing Director and CFO of the Company.
Annual Report 2015-2016
62
GARDEN SILK MILLS LIMITED
Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable
Penalty
Punishment
Compounding
B. DIRECTORS Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable
Penalty
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable
Penalty
Punishment
Compounding
Praful A. Shah
Mumbai, 28th May, 2016
63
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
and business ethics.
disclosure, transparency and board responsibility.
Company in their capacity as member of the Board.
with the Company at large.
Annual Report 2015-2016
64
GARDEN SILK MILLS LIMITED
instrument as on 31st March, 2016.
No. of Board
**
No. of
of Board
#
Shri Praful A. Shah Chairman & Managing Director
Promoter 04 No 05 - 2789190
Shri Alok P. Shah Joint Managing Director
Promoter 04 05 - 754671
Shri Sanjay S. Shah Promoter 03 02 - 689660
Shri Suhail P. Shah Promoter 04 No 04 - 496685
Shri Rajen P. Shah Promoter 00 No N.A. - 4198
Shri J. P. Shah Independent Director *
Non-Promoter
00 No N.A. - 6595
Independent Director
Non-Promoter
04 N.A. - 0
Shri A. N. Jariwala Independent Director
Non-Promoter
04 No 01 - 0
Shri Sunil S. Sheth Independent Director
Non-Promoter
04 01 - 0
Smt. Anita Mandrekar Independent Director
Non-Promoter
03 No 01 - 0
Shri Deepak N. Shah Independent Director*
Non-Promoter
02 N.A. N.A. - 0
Shri H. C. Mishra (Nominee of LIC)
Non-Promoter
05 N.A. - 0
Annual Report 2015-2016
66
GARDEN SILK MILLS LIMITED
any related issues with internal and statutory auditors and management of the Company. The Finance Head,
ended 31st March, 2015.
Chairman 04
Shri Arunchandra N. Jariwala Member 04
Shri Sunil S. Sheth Member 04
67
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
below:
Nil 101 101 Nil
Nil 66 66 Nil
Non-receipt of Annual Report Nil 44 44 Nil
Nil 0 0 Nil
Nil Nil
Agreement with the Stock Exchanges.
ng.
Annual Report 2015-2016
68
GARDEN SILK MILLS LIMITED
with the interest of the Company at large.
(Amount in Rupees)Salary &
Shri Praful A. Shah 14368016 Nil NilShri Alok P. Shah 11888639 Nil NilShri Suhail P. Shah 13387711 Nil NilShri Sanjay S. Shah 5908320 Nil Nil
Nil 101150 NilShri A.N. Jariwala Nil 101150 NilShri Sunil S. Sheth Nil 97150 NilShri Anita Mandrekar Nil 31450 NilShri Deepak N. Shah Nil 34350 NilShri H. C. Mishra Nil 65750 Nil
Nil
`
69
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
non-independent directors; performance of the Board as a whole and performance of the Chairperson of the
his role.
the Companies Act, 2013.
Act, 2013 and Rules made there under.
on the Company’s website at www.garde
Annual Report 2015-2016
70
GARDEN SILK MILLS LIMITED
IFICATION
2012-13 11.00 a.m.2013-14 11.00 a.m.2014-15 11.00 a.m.
A. Shah as Chairman and Managing Director of the Company for a period of 3 years w.e.f. 1st September, 2013.
30th July, 2014, for re-appointment of Shri Alok P. Shah as Joint Managing Director and CFO of the Company for a period of 3 years w.e.f. 11th September, 2014.
Fund” (“IEPF”).
hereunder:
2008-09 30.09.2009 29.09.20162009-10 31.08.2010 30.08.20172010-11 20.09.2011 19.09.2018
71
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Mem
IEPF, no claim shall lie against the IEPF or the Company in respect thereof and the Members would lose their
with the interests of the Company at large.
Statement.
Standards.
2015 with reference to subsidiary companies were duly complied.
capital market during the last 3 years.
its directors and senior m
Annual Report 2015-2016
72
GARDEN SILK MILLS LIMITED
The Company has adopted Code of Business Conduct & Ethics (“the Code”) which is applicable to the Board of
Company’s website.
The Code is applicable to Promoters and Promoter’s Group, all Directors and such Designated Employees who
This Code is displayed on the Company’s website.
paid up capital is in agreement with the total number of shares in physical form and the total number of
(b) Management Discussion and Analysis report forms part of the Directors Report.
73
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Time : 11:00 a.m.
Venue : Tulsi Krupa Arcade, Puna-Kumbharia Road, Dumbhal, Surat 395010.
Book Closure Date : Thursday, 8th September, 2016 to
(1) The Bombay Stock Exchange Limited (BSE)
As on 31st March 2016, there were 73193 shareholders of the Company.
The Bombay Stock Exchange Limited 500155
Demat ISIN in NSDL and CDSL for Equity Shares INE526A01016.
(in ` )
April 2015 36.55 24.80 36.70 24.80May 2015 33.20 27.15 33.50 26.70June 2015 29.50 23.60 30.00 23.40July 2015 38.30 27.30 38.05 27.25August 2015 38.75 23.00 38.80 23.10September 2015 24.90 21.70 25.00 21.95October 2015 29.40 23.75 29.35 23.75
28.45 23.00 28.90 23.00December 2015 33.05 24.00 32.75 23.70January 2016 32.65 22.50 32.50 23.15February 2016 26.25 21.00 26.30 20.80March 2016 24.90 21.00 24.15 20.80
Annual Report 2015-2016
74
GARDEN SILK MILLS LIMITED
(Unit: Garden Silk Mills Limited),
Hyderabad 500032. Toll Free No. (India) : 1800 345 4001
All the share related work is being undertaken by the company’s Registrar & Transfer Agent. A Stakeholders
etc. of shares.
Sr. No.1. Promoters. 24302230 57.752. Indian Public. 9758622 23.193. 29365 0.074. 3730740 8.875. Bodies Corporate 4150336 9.866. NBFC Registered with RBI 360 0.007. Trusts 340 0.008. Clearing Members (NSDL+CDSL) 20532 0.059. Any other 90000 0.21
No. of
1 - 5000 70847 96.79 4088232 9.715001 - 10000 1242 1.70 1027750 2.4410001 - 20000 549 0.75 836225 1.9920001 - 30000 177 0.24 452973 1.0830001 - 40000 93 0.13 333558 0.7940001 - 50000 58 0.08 274724 0.6550001 - 100000 113 0.15 822188 1.95
114 0.16 34246875 81.39
in electronic form through the depository of their choice.
75
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Board of India (SEBI).
and Transfer Agent.
shares of the Company.
(i) For Shares held in Physical Form (Unit: Garden Silk Mills Limited),
Financial District, Nanakramguda, Hyderabad 500032. Toll Free No. (India) : 1800 345 4001 Phone No. 040 67162222 Fax No. 040 23420814
(ii) For Shares held in Demat Form(iii) For query on Annual Report Secretarial Department,
Tulsi Krupa Arcade, 3rd Floor, Puna-Kumbharia Road, Dumbhal, Surat 395010
If you hold the Equity Shares of the Company in more than one Folio in your name or with the same address as other
may be made to members through electronic mode.
Annual Report 2015-2016
76
GARDEN SILK MILLS LIMITED
requirements.
does not send it to shareholders.
not separately circulated to all shareholders.
Praful A. ShahPlace: MumbaiDate: 28th May, 2016
77
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
the best of our knowledge and belief, we state that:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
Praful A. Shah Alok P. Shah
Mumbai, 28th May, 2016
Ethics for the year ended 31st March, 2016.
Praful A. Shah
Mumbai, 28th May, 2016
Annual Report 2015-2016
78
GARDEN SILK MILLS LIMITED
the Company.
Chartered Accountants
Place: Surat Partner28th May, 2016 Membership No.: 6728
79
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
To the Members ofGarden Silk Mills Limited,
Report on the Standalone Financial Statements
Management’s Responsibility for the Financial Statements
Auditor’s Responsibility
Opinion
INDEPENDENT AUDITOR’S REPORT
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Report on Other Legal and Regulatory Requirements
Annexure A
Annexure B
For NATVARLAL VEPARI & CO.
R. N. VEPARI
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Annexure A to the Independent Auditors’ ReportReferred to in paragraph 1 under the heading “Report on other legal and other regulatory requirements” of our Report of
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`
Name of Statute Nature of dues Amount under
dispute*
Period to which the amount relates
Forum where dispute is pending
Amount deposited against the
dispute
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Annexure- B to the Independent Auditor’s Report
Management‘s Responsibility for Internal Financial Controls
Auditor’s Responsibility
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`Note No. As at
I EQUITY AND LIABILITIESShareholders’ Funds
7
89
TOTALII ASSETS
Non-Current Assets
Current Assets
TOTAL
The accompanying notes are an integral part of the standalone
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
87
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`
Note No.
I
II
III Total Revenue
IV EXPENSES
Total Expenses
V
VI Tax Expense:
VII
VIII `
The accompanying notes are an integral part of the standalone
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
Annual Report 2015-2016
88
GARDEN SILK MILLS LIMITED
` Year ended
A.
B.
C.
Cash and Cash Equivalents at the beginning of the yearCash and Cash Equivalents at the end of the year
Note: ` `
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
89
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements
Tangible Assets
Intangible Assets
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
1.11 CENVAT:
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
1.14 Research and Development
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Authorised`
`
TOTAL
Issued, Subscribed and Paid up `
TOTAL
No. of Shares ` In Lacs `
` `
No. of Shares
Equity Shares:
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
General Reserve
TOTAL
` `
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
Non-Current CurrentNote 4 : Long-Term BorrowingsSecured
Unsecured
TOTAL
4.1 Note on Secured Long-Term Borrowings:
` `
` `
`
`
` `
` `
` `
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
Rate of Interest ranged between
Beyond 4 years
Secured Term Loans
Unsecured Term Loans
TOTAL
`
As at
Deferred Tax Liability on account of :
TOTAL
Deferred Tax Asset on account of :
TOTAL
97
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
TOTAL
`
As at
TOTAL
`
As at
SecuredLoan repayable on demand
Others
TOTAL
Annual Report 2015-2016
98
GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
`
As at
TOTAL
`
As at
Note 11 : Short-term Provisions
TOTAL
11.1`
`
99
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`
Gros
s Blo
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t Blo
ckAs
at
Upto
As
at
78
11
Tota
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sets
Tota
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Tota
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Tota
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es:
` `
` `
`
`
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Other Investments
`
`
`
`
`
`
`
`
TOTAL
Notes
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Note 14 : Long-term Loans and Advances
TOTAL
`
As at
TOTAL
`
As at
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Cash and Cash Equivalents:
Other Bank Balances:
TOTAL
`
As at
TOTAL
`
As at
Interest Subsidy and interest receivable
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
TOTAL
`
TOTAL
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
TOTAL
`
TOTAL
`
Opening Stock
Closing Stock
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
TOTAL
`
Gratuity :
Leave Encashment:
`
Leave Encashment
A. Amounts recognised in Balance Sheet:
B.
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
of fair value of Plan Assets.
`
Leave Encashment
`
Leave Encashment
-
`
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
Manufacturing expenses
Establishment Expenses
TOTAL
`
Rs. in Lacs `
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
TOTAL
`
Details of hedged and unhedged exposure are as under:
Foreign Currency Foreign
Currency Indian
Rupees
a. Hedged
b. Unhedged
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
`
`
`
`
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Sr. No.
Subsidiary Group Company
Key Management
Personnel
Others Total
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Subsidiary Group Company
Key Management
Personnel
Others Total
Balance at the beginning of the year
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Subsidiary Group Company
Key Management
Personnel
Others Total
Balance at the end of the year
` `
` `
` `
` `
` `
` `
is `
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
113
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
INDEPENDENT AUDITOR’S REPORTTo the Members ofGarden Silk Mills Limited,
Report on the Consolidated Financial Statements
We have au
Management’s Responsibility for the Consolidated Financial Statements
Auditor’s Responsibility
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Opinion
` `
Report on Other Legal and Regulatory Requirements
“Annexure A”
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Garden Silk Mills Limited (“The Holding Company”)
Management‘s Responsibility for Internal Financial Controls
Auditors’ Responsibility
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`
Note No. As at
I EQUITY AND LIABILITIESShareholders’ Fundsa)b) 3
a)b) 5c)d)
a)b)c)d) 11
TOTALII ASSETS
a)
b) 13c)
Current Assetsa) 15b)c)d)e)
TOTAL1
The accompanying notes are an integral part of the consolidated
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`
Note No.IIIIII TOTAL REVENUEIV EXPENSES
a)b)c)
d)e)
g)TOTAL EXPENSES
VVI Tax expense:
VIIVIII Earnings per equity share (of `
1The accompanying notes are an integral part of the consolidated
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
`
Year ended
A.
Adjustments for:
B.
C.
Cash and Cash Equivalents at the beginning of the yearCash and Cash Equivalents at the end of the year
` `
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements
Tangible Assets
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Intangible Assets
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Authorised`
`
TOTAL
Issued, Subscribed and Paid up `
TOTAL
No. of Shares ` In Lacs `
` `
No. of Shares
Equity Shares:
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
General Reserve
Statutory Reserve
Total
` `
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
Current
Secured
Unsecured
TOTAL
` `
` `
`
`
` `
` `
` `
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
Rate of Interest ranged between years
Secured Term Loans
Unsecured Term Loans
TOTAL
`
As at
(a) Deferred Tax Liability on account of :
TOTAL
(b) Deferred Tax Asset on account of :
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
TOTAL
`
As at
TOTAL
`
As at
SecuredLoan repayable on demand
Others
TOTAL
`
As at
131
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
TOTAL
`
As at
TOTAL
`
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Not
es a
nnex
ed to
and
form
ing
part
of t
he F
inan
cial
Sta
tem
ents
(Con
td.)
`
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13
513
(A) T
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Tota
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(B) I
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:
Tota
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Tota
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Tota
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Not
es:
` `
` `
`
` `
133
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Long Term Investments (At Cost)Other Investments
` 1 each
`
`
`
`
`
`
TOTAL
Aggregate Value of Unquoted InvestmentsAggregate Value of Quoted InvestmentsAggregate Market Value of Quoted Investments
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
(Unsecured and Considered Good)
TOTAL
`
As at
TOTAL
`
As at
(Unsecured and Considered Good)
TOTAL
135
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
As at
Cash and Cash Equivalents:
Cash on hand
Other Bank Balances:
TOTAL
`
As at
(Unsecured and Considered Good)
TOTAL
`
As at
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
TOTAL
Chips
`
TOTAL
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
ClothTOTAL
`
TOTAL
`
Opening Stock
Closing Stock
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
TOTAL
`
Gratuity :
Leave Encashment:
`
Gratuity (Funded) Leave Encashment (Unfunded)
A. Amounts recognised in Balance Sheet:
B.
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
balances of fair value of Plan Assets.
`
Gratuity (Funded) Leave Encashment (Unfunded)
`
Gratuity (Funded) Leave Encashment (Unfunded)
`
TOTAL
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
Manufacturing expenses
Establishment Expenses
TOTAL
`
` in Lacs `
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
`
`
TOTAL
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Details of hedged and unhedged exposure are as under:
Foreign Currency Foreign
Currency (Amount in
Lacs)
Indian Rupees
(Equivalent in Lacs)
a. Hedged
b. Unhedged
`
i)`
ii)
iii) `
iv) `)
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Name of Subsidiary Extent of Holding
CompanyNet Assets i.e. total assets minus
consolidated net assets
Amountconsolidated
Amount
Parent
Subidiaries
`
`
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Sr. No.1
3
Group Company
Key Management
Personnel
Others Total
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
Group Company
Key Management
Personnel
Others Total
Balance at the beginning of the year
Balance at the end of the year
` `
` `
` `
` `
` `
` `
is `
Annual Report 2015-2016GARDEN SILK MILLS LIMITED
Notes annexed to and forming part of the Financial Statements (Contd.)
For NATVARLAL VEPARI & CO. PRAFUL A. SHAH Chairman & Managing DirectorChartered Accountants ALOK P. SHAH Joint Managing Director & CFO
SUNIL SHETH DirectorR. N. VEPARI KAMLESH B. VYAS Company SecretaryPartner