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Banswara Syntex Limited Investor Update June 2011 BSE Code: 503722 NSE Code: BANSWRAS Bloomberg Code: BSWL IN Reuters Code: BANS.BO.

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Presentation on theme: "Banswara Syntex Limited Investor Update June 2011 BSE Code: 503722 NSE Code: BANSWRAS Bloomberg Code: BSWL IN Reuters Code: BANS.BO."— Presentation transcript:

1 Banswara Syntex Limited Investor Update June 2011 BSE Code: 503722 NSE Code: BANSWRAS Bloomberg Code: BSWL IN Reuters Code: BANS.BO

2 KEY HIGHLIGHTS OF 2010-11  Net Worth Rs. 160 Cr.  Net Worth and DTL Rs. 190 Cr.  Book Value of Shares Rs. 108.37 per share  Dividend 50%  20% Interim in Nov-10  30% Final in FY 2011  Total Income increased by 28.13%  EBIDTA increased by 29.79%  PAT more than 1.52 times.  Basic EPS Rs. 32.05

3 COMPANY HIGHLIGHTS BANSWARA SYNTEX LIMITED www.banswarasyntex.com 32,000 Tones Yarn Production 32,000 Tones Yarn Production 400 Lac Mtr Wooven Fabric 400 Lac Mtr Wooven Fabric 5 Million Meters/Month Finishing 5 Million Meters/Month Finishing 3 Lac Pcs/Month Garments 3 Lac Pcs/Month Garments 30/33 MW Power Plant 30/33 MW Power Plant Export Culture with over 65% Export Sales Company based on pillars of trust, innovation, service and reliability Laboratory accredited by M & S and world leading brand “AATCC” Recently launched fashion brand i.e Saint X for both formal and casual wear – fabric and garments. Recently launched fashion brand i.e Saint X for both formal and casual wear – fabric and garments. European Quality available in India due to Joint venture with Carreman of France WE ARE “LYCRA ASSURED and Accredited” A Complete composite mill untill fabric production at single location so advantage of lead time Design Studio for Fabric and Garment World Class Yarn & Fabric Testing Lab Capable and Experienced Team Production Facility for technical fabrics including jacquard fabrics

4 This presentation outlines the business model of Banswara Syntex Limited and its future growth strategy. It is for reference of the intended recipient only and any unauthorized sharing of the same is prohibited. This document does not constitute an offer or invitation to offer for purchase / sale of any securities. The document may contain certain “Forward Looking Statements”, which the Management believes to be true in terms of the present organizational strategy. There is no warranty, implied or otherwise that the information is accurate or otherwise complete and neither the company nor its Management shall be held responsible for any act or omission on the part of the recipient of this document. SAFE HARBOR BANSWARA SYNTEX LIMITED www.banswarasyntex.com

5  About Us1  Business Process4  Our Plants 5  Our Customers11  Shareholding Pattern as on March 31, 201114  Dividend and Bonus History15  Historical Product-Wise / Market-Wise Revenues16  Historical Financial Performance18  BSL’ Share Price v/s BSE Sensex19  Awards and Achievements20  Investment Rationale21  Status of the Project Undertaken22  Major Milestones23  Corporate Social Endeavors26  Contacts27 BANSWARA SYNTEX LIMITED www.banswarasyntex.com AGENDA Agenda

6 ABOUT US Banswara Syntex Ltd. (BSL) was incorporated in the year 1976 as a joint sector company with RIICO Ltd. (A Govt. of Rajasthan Undertaking) and Mr. R. L. Toshniwal. In 1982, Mr. Toshniwal purchased the shares from RIICO. Currently, BSL is a Public Limited Company and the promoters holding 53.53% of Equity Share Capital. Initially it was a spinning mill with 12,500 spindles. BSL has been on an ongoing roadmap of expansion, diversification and modernization plans. Over the last 3 decades, BSL has increased the Spinning capacity to 1,44,452 spindles commenced production of Fabric from 1993, Readymade Garments from 2004, Made-ups and Worsted Spinning from 2008. BSL has also entered into a 50:50 JV with Carreman Michel Thierry Group (CMTG) of France. BSL is a Government recognized Trading House and has won the Highest Export Performance award from SRTEPC for the last 8 years in a row. The Company also owns state awards for “Export Excellence” for export made in last 3 Years from 2005-06 to 2007-08. BANSWARA SYNTEX LIMITED www.banswarasyntex.com BSL is one of the LARGEST vertically integrated textile player 1

7 www.banswarasyntex.com BANSWARA SYNTEX LIMITED About Us Mr. R L Toshniwal – Chairman & Managing Director He holds a Masters degree in Textiles from Leeds University, UK and has a vast experience of 48 years in the field of Textile Industry. Besides Banswara, he is on the board of five other companies and also holds the office of Chairman of the Synthetic & Rayon Textile Export Promotion Council (SRTEPC). Mr. Ravi Toshniwal – Joint Managing Director He holds a B.Tech (Chem.) from IIT, Mumbai and has also undergone OPM Course of Harvard University, USA. He has 19 years of experience in Textile Industry and is responsible for the overall activities of the company. Mr. Rakesh Mehra – Whole Time Director He is a Chartered Accountant by qualification and has 23 years of experience in Textile Industry. He is responsible for the entire commercial and financial activities besides export sales of yarn. Mr. Shaleen Toshniwal – Whole Time Director He holds a Bachelors degree in Business Management from Bentley College, USA and has over 8 years of experience in the field of Textile Industry. He is responsible for the readymade garment units of the company at Daman and Surat. KEY MANAGERIAL PERSONNELS 2

8 Banswara Syntex Limited has 13 Directors including 4 managing & whole time directors, 1 nominee director appointed by EXIM Bank and other 8 directors who are independent professional directors on the Board. Independent Directors are: About Us 1.Mr. Kamal Kishore Kacholia 2.Mr. Parduman Kumar 3.Mr. Vijay Mehta 4.Mr. Vijay Kumar Agarwal 5.Mr. A N Jariwala 6.Mr. D P Garg 7.Mr. S B Agarwal 8.Dr. R. Swaminthan (nominee director) 9.CA Pradeep Bhandari www.banswarasyntex.com BANSWARA SYNTEX LIMITED BOARD OF DIRECTORS - Industrialist - (Rtd) Chief GM IDBI - Renowned Financial Consultant - Industrialist - Consultant Ex -Group Executive President (Textile) of Grasim -(Retd.) I.A.S., Nominee Exim Bank, Ex. Secretary to Asian Development Bank, Manila Philippines, - Ex. C.E.O. Raymonds and at present Director of Raymonds, Industrial and Financial Consultant 3

9 SPINNING BUSINESS PROCESS P. Fabric – Performance Fabric T. Fabric – Technical Fabric 1.VSF 2.PSF 3.ASF 4.Cotton 5.Lycra 6.Linen 7.Wool 1.VSF 2.PSF 3.ASF 4.Cotton 5.Lycra 6.Linen 7.Wool External Sales SPUN YARN Internal Sales SPUN YARN Internal Sales Spinning Weaving & Processing Garmenting Filament Yarn (Rayon / Polyester) Filament Yarn (Rayon / Polyester) Weaving Including Technical Fabric Weaving Including Technical Fabric Processing & Finishing Processing & Finishing Internal Sales P. Fabric / Fabric Internal Sales P. Fabric / Fabric External Sales P. Fabric / T. Fabric / Fabric External Sales P. Fabric / T. Fabric / Fabric Garments /Made Ups Garments /Made Ups Export Sales Export Sales Domestic Sales Domestic Sales 4

10 Ring Spindles – 1,29,316 Worsted Yarn Spindles – 14,400 Air Jet Spindles - 736 Shuttle-less Looms – 254 Jacquard Looms – 20 Fabric – Processing Capacity – 5 Million Meters / Month Jacquard made-ups – 12,500 pcs / month Readymade Trousers – 2,70,000 pcs / month Readymade Jackets – 22,500 pcs / month Our Plants www.banswarasyntex.com BANSWARA SYNTEX LIMITED Spinning Weaving & Processing Weaving & Processing Garments Banswara Daman & Surat Location 5

11 OUR PLANTS *(Per Month) PRODUCTUNITCAPACITY SpinningBSL70,036Spindles BFL59,280Spindles AIRJET736Spindles WORSTED14,400Spindles Weaving TOSHCO130Looms BJF107Looms JAQUARD20Looms CARREMAN - JV77Looms Fabric Processing BTM5Million Mtr* GarmentsDAMAN1,50,000Trousers* DAMAN7,500Jackets* SURAT1,20,000Trousers* SURAT15,000Jackets* Power PlantThermal30/36MW Furnace Oil9.07MW Dyeing**Fiber & Yarn1,200MT* ** Includes 150 MT for wool dying, 150 MT for yarn dying and 900 MT for fibre dying. Installed Capacity 6 www.banswarasyntex.com BANSWARA SYNTEX LIMITED

12 BSL is a vertically integrated textile player engaged in manufacturing of man-made synthetic blended yarn, wool and wool mixed yarn, all type of suiting and jacquard furnishing and technical fabrics besides production of trousers, jackets and made-ups. BSL specializes in producing blends of viscose staple fibre, polyester staple fibre, acrylic staple fibre, lycra, cotton, linen and wool. BSL has a total production capacity of 32,220 tones of yarn per annum. It includes 30,600 tones polyester blended dyed yarns and 1,620 tones wool mix yarn per annum. The Company also specializes in producing various type of fancy spun yarns. The present installed capacities are as under:- Ring Spindles 1,29,316 Worsted Yarn Spindles 14,400 Air Jet Spindles 736 Spinning BANSWARA SYNTEX LIMITED www.banswarasyntex.com 7 OUR PLANTS Installed Capacity

13 Fabric - Weaving & Processing BSL produces Hi-Quality, Hi-Performance textile wear, technical & jacquard finished fabric for both domestic and overseas markets. BSL has high qualified, skilled and dedicated Technical team where we produce textile fabrics from fibre stage to yarn, weaving, finishing and Garmenting. Our Specialty in textile include: » Stretch fabrics: “LYCRA ASSURED and Accredited” » Specialty Fnishings: Stain, Wrinkle, Moisture Management » Two Zone Fabric » Fire Retardant Fabric » Fabric Design and Development innovations » Laminated Technical Fabric Shuttles-less Looms 254 Jacquard Looms 20 Fabric Processing Capacity 5 Million Meters/Month BANSWARA SYNTEX LIMITED www.banswarasyntex.com 8 OUR PLANTS Installed Capacity

14 Readymade Garments BSL’s Garmenting units are located in Daman and Surat. At both these locations, BSL specializes in productions of Trousers and Jackets, therbeby making BSL – a complete vertically integrated textile player (ie – right from conceiving an idea for fabric to the final product ready to wear in the least possible lead-time). Both these unites are equipped with a full complement of high-end machines to manufacture Trousers and Jackets of the finest quality, namely - Marking and Grading on a CAD system from Rich Peace - Sewing line onsists of Juki machines - Automatic Welting Machines from Eagle - Curtain Felling Machines from Union Special, Eyelet Buttonhole Machines from Reece and Blind Loop Machines from Mair - Complete Pressing process from Rotondi incl leggers, toppers & side seam presses  Jacquard made-ups 12,500 pcs/month  Readymade Trousers 2,70,000 pcs/month  Readymade Jackets 22,500 pcs/month BANSWARA SYNTEX LIMITED www.banswarasyntex.com 9 OUR PLANTS Installed Capacity

15 BANSWARA SYNTEX LIMITED www.banswarasyntex.com 1 st unit of 15/18 MW Thermal Power Plant commenced operations from Sept’07. 2 nd unit of 15 MW Thermal Power Plant commenced operations from March’11. 10 OUR PLANTS Installed Capacity

16 OUR CUSTOMERS BANSWARA SYNTEX LIMITED www.banswarasyntex.com In India 11

17 ARVIND www.banswarasyntex.com BANSWARA SYNTEX LIMITED OUR CUSTOMERS In India 12

18 www.banswarasyntex.com BANSWARA SYNTEX LIMITED OUR CUSTOMERS Across the globe 13

19 SHARE HOLDING PATTERN as on June 30, 2011 BANSWARA SYNTEX LIMITED www.banswarasyntex.com No.Category of ShareholderTotal No. of Shares% of Total Share Capital (A) Shareholding of Promoter and Promoter Group (i) Individuals/ Hindu Undivided Family 690881646.82% (ii) Bodies Corporate 98996906.71% (A) Total 789878553.53% (B) Public shareholding (a) Institutions 1505878 10.20% (b) Non-institutions 0 0 (i) Bodies Corporate 231132715.67% (ii) Individuals - i. Individual shareholders holding nominal share capital up to Rs. 1 lakh. 207799314.08% ii. Individual shareholders holding nominal share capital in excess of Rs. 1 lakh. 96237806.52% Sub-Total (b)535169836.27% (B) Total Public Shareholding (a) +b)685757646.47% TOTAL SHARE CAPITAL (A + B)14756361100.00% 14

20 Company issued 1 Bonus Share for 2 Shares held by the shareholders on the record date i.e. 18.08.2006 DIVIDEND and BONUS HISTORY BANSWARA SYNTEX LIMITED www.banswarasyntex.com YearPercentage 2004 – 0512% 2005 – 0620% 2006 – 0720% 2007 – 0812% 2008 – 0918% 2009 – 10 Interim Dividend 2009 – 10 Final Dividend 15% 20% 2010 – 11 Interim Dividend 2010 – 11 Final Dividend 20% 30% 35% 50% 15

21 (INR in Crore) PRODUCT WISE REVENUES FOR THE LAST 5 YEARS PARTICULARS FY 2006-2007 FY 2007-2008 FY 2008-2009 FY 2009-2010 FY 2010-2011 AMT % % % % % TOTAL INCOME 393.95100.00438.10100.00548.94100.00630.96100.00808.45100.00 YARN 211.5053.69230.4252.60254.6546.39289.2245.84340.0542.06 FABRICS 149.7038.00168.1738.39238.3643.42285.5340.97353.8643.77 GARMENT 22.915.8229.726.7843.657.9558.509.2779.549.84 OTHERS 9.842.509.792.2312.282.2424.713.9235.004.33 BANSWARA SYNTEX LIMITED www.banswarasyntex.com 16

22 *Includes incentives Market-wise Revenue For The Last 5 Year (INR in Crore) FINANCIAL YEAR EXPORT *DOMESTICTOTAL AMT % % % 2006-2007256.9465.22137.0134.78393.95100.00 2007-2008281.5264.26156.5835.74438.10100.00 2008-2009366.4466.75182.5033.25548.94100.00 2009-2010411.1365.16219.8434.84630.97100.00 2010-2011522.7564.66285.7135.34808.45100.00 BANSWARA SYNTEX LIMITED www.banswarasyntex.com 17

23 (INR In Crores) Historical Financial Performance BANSWARA SYNTEX LIMITED www.banswarasyntex.com *Including Extraordinary Item S.NOPARTICULARSF/Y 2010-2011F/Y 2009-2010F/Y 2008-2009 1TOTAL INCOME808.45630.97548.94 2EXPORTS (Incl. Export Benefits522.75411.13366.44 3EBIDTA*138.99107.0973.92 EBIDTA / TOTAL INCOME %17.19%16.97%13.47% 4EBITA*104.9776.3544.54 EBITA / TOTAL INCOME %12.98%12.10%8.11% 5PBT *62.5143.3411.29 PBT / TOTAL INCOME %7.73%6.87%2.06% 6PAT *46.9330.889.59 PAT / TOTAL INCOME %5.80%4.89%1.75% 7GROSS FIXED ASSETS677.83535.17475.29 8EQUITY SHARE CAPITAL14.7413.08 9PREFERENCE SHARE CAPITAL1.73 10RESERVES & SURPLUS145.18101.3176.22 11NET WORTH (Excluding DTL)159.92114.3989.31 12DIVIDEND %20.00% (Interim)15.00% (Interim)18.00% 30.00% (Final)20.00% (Final) 13 ISSUE OF BONUS SHARES (Bonus: Equity Share) -- - 14BOOK VALUE PER SHARE (Rs.)108.3787.4568.14 15EARNING PER SHARE -Basic (Rs.)32.0523.567.29 -Diluted (Rs.)31.7920.926.47 18

24 BANSWARA SYNTEX LIMITED www.banswarasyntex.com BANSWARA SHARE PRICE V/S BSE SENSEX 19

25 BANSWARA SYNTEX LIMITED www.banswarasyntex.com AWARDS / ACHIEVEMENTS The company has got “Export Excellence” Award from the Rajasthan State Government for its export performance for the year 1993-94 and 1994-95, and also from 2005-06 to 2007-08 YearCategory 1996-97Second Best Overall Export Performance 1997-98Best Export Performance in the category of Acrylic yarn 1998-99Third Best Overall Export Performance 1999-00Best Export Performance in the category of Man-Made Fibre Blended Fabrics 2001-02Fifth Highest Overall Export Performance in Synthetic & Rayon Textiles 2001-02Highest Export Performance in Acrylic Yarn 2001-02Highest Export Performance in Polyester Spun Fabrics 2001-02Highest Export Performance in Man-Made Fibre Blended Fabrics 2002-03Best Export Performance in Polyester Spun Fabrics 2002-03Best Export Performance in Man-made Fibre Blended Fabrics 2003-04Fourth Best Overall Export Performance in Synthetic & Rayon Textiles 2003-04Best Export Performance in Man-Made Fibre Blended Fabrics 2004-05Best Export Performance in Man-Made Fibre Blended Fabrics 2005-06Highest Export Performance in Man Made Fibre Blended Fabrics 2006-07Highest Export Performance in Man Made Fibre Blended Fabrics 2007-08Highest Export Performance in Man Made Fibre Blended Fabrics 20

26 INVESTMENT RATIONALE 1.Rising Value Addition - BSL is India’s one of biggest integrated textile manufacturer. - BSL produces all types of fabric i.e. poly viscose, poly viscose lycra, 100% cotton and its mix, All wool and wool blends, linen etc. - BSL is largest producer of PV Lycra fabric in the country (annual production is almost 3 times the production of rest of the producers in India) - BSL offers complete package solution from fibre to the garments in all product range include technical textiles and shirting fabric. 2.Growth - BSL is increasing its weaving capacity and almost doubling its garmenting capacity over the next 3 years besides growing yarn dyeing, cotton and wool dying. 3.Targetting New Markets - Set-up of marketing office in UK. - Key Customers of the company are gradually finding their operations in the developed markets unviable and shifting their business to BSL. - Ongoing addition of new customers of repute and size from the past couple of years. 4.Sustaining Profitability - BSL is amongst the few companies which sustained in the textile downturn due to its integrated capacity, new product development and strong relationship with its key customers. - BSL has consistently generated profits and has never restructured its debts alike many other companies in the textile sector. www.banswarasyntex.com BANSWARA SYNTEX LIMITED 21

27 BANSWARA SYNTEX LIMITED www.banswarasyntex.com STATUS OF THE PROJECT UNDERTAKEN The investment by the company on Expansion, Modernization and Diversification during 2009-10 and 2010-11 in Rs. 149.91 crores and Rs. 45.85 crores respectively. It is also proposed to invest Rs. 80 crores during 2011-12. The additional production capacities would yeild the production value at optimum level subsequently. BANSWARA SYNTEX LIMITED www.banswarasyntex.com 22 Sr. No. Particulars31.03.1031.03.1131.03.12 1 SPINNING (SPINDLES) a) SYNTHETICS BLENDED119188127012135460 b) WORSTED BLENDED YARN14400 19200 c) AIRJET YARN576736592 2 FIBRE & YARN DYEING (MT/MONTH) a) FIBRE720840 b) YARN90150 3 FABRIC WEAVING (NO. OF LOOMS) a) FABRIC WEAVING190248352 b) JAQUARD & TECHNICAL FABRIC122034 4 FABRIC PROCESSING (LACS MTRS/MONTH) 405055 5 TROUSERS - LINES151819 PCS / MONTH225000270000285000 JACKETS - LINES123 PCS. MONTH75001500022500 6 THERMAL POWER PLANT (COAL BASED)1833

28 MAJOR MILESTONES BANSWARA SYNTEX LIMITED www.banswarasyntex.com  Started Worsted Spinning Division to produce wool mixed yarns.  Commencement/ utilization of enhanced processing capacity from 16 lacs meters/month to 22 lacs meters/month.  Started additional lines for production of trousers and jackets at Surat SEZ Plant and Suits at Daman Plant.  Started production of Made-ups`/Décor at Banswara.  Started Cotton yarn dyeing at Banswara.  Developed world class fabric testing laboratory as per ISO, AATCC, ASTM, LS & Co., M & S etc. testing protocol. The laboratory has successfully achieved accreditation of Levis & Co., Marks & Spencer and undergoing ISO 17025 NABL accreditation.  Developed fabric designing section and created a garment studio at Mumbai for improvement in fabric and garment designs. 23 200 8

29 BANSWARA SYNTEX LIMITED www.banswarasyntex.com MAJOR MILESTONES  Company started production of technical fabric and jacquard technical fabric.  Company added one more imported Italian make Stenter with other balancing/value adding machines to increase the fabric processing capacity up to 4 million meters a month.  Board of Directors allotted 16.50 lacs warrants to persons other than promoters at a price of Rs.41/- per warrant. These warrant have been converted into equal number of Equity Shares by the Board of Directors of the company in its meeting held on 27 th April, 2010.  Purchased 18292 sq. ft. land and 18089 sq. ft. building constructed thereon at Daman to further expand the garment business of the Company.  Board of Directors announced Rs. 1.50 per Share as interim dividend.  The Company has taken up installation of 2 nd unit of power plant and project for technical textile.  Taking up further expansion of Weaving, Processing and Garmenting capacities and also modernization of its spinning division.  Acquire office premises at company’s existing Mumbai office to take care of increase volume of company’s business. 24 200 9

30 MAJOR MILESTONES BANSWARA SYNTEX LIMITED www.banswarasyntex.com  Addition of new production capacities:-  Spinning- 7824 Ring Spindles, 168 Airjet Spindles  Weaving – 66 Looms  Processing- -2 Stenters  Garments – 2 Trouser Lines  TPP – 2 nd Unit of 15/18 MW  Royal Bank of Scotland an Institutional Investor purchased 8.81% Equity Share Capital of the Company.  Establishment of Marketing Office at London (UK).  Commenced generation of power on 2 nd Unit of Thermal Power Plant of 15 MW Capacity.  Commenced supply of Govt. Quota Coal to reduce the power cost.  Fabric Testing capacity increased by 45%.  Laboratory has been accredited by Railway Authorities, Accreditation renewed by LEVI’s, M&S for third consecutive year.  Set up for testing fire retardant and laminated fabric.  Started production of shirting fabrics.  Recently launched fashion brand i.e. Saint X for both formal and casual wear – fabric and garments. 25 2010 -11 And so on

31 BANSWARA SYNTEX LIMITED www.banswarasyntex.com CORPORATE SOCIAL ENDEAVORS “AWAAS SEVA SADAN “ Home away from home AWAAS is a home for Senior Citizen to Love in Dignity, Love and Affection with Community. Awaas is located in Dongargaonwadi, Lonavala. The Founder Trustee of Awaas Seva Sadan Trust is Owner of Gatt No. 237, VIll. Dongargaonwadi, Lonavala Admeasuring about 3 acres. Awaas Seva Sadan Trust developed and constructed 50 Room of approx. 200 Sq. ft. each with two Hall Approx. 1,000 sq. ft. each, total built up are 19,000 sq. ft. It will have 50 Rooms (100% occupancy) with attached bath and cooking platform. Rooms for residents is free of charge except maintenance expenses shared on a co-operative basis. All rooms are well furnished. "we would like to make life as enjoyable and as interesting as possible for Retired and Elder Persons.“ R.L.Toshniwal (Founder Trustee) 26

32 Contact Us Banswara Plant and Registered Office Industrial Area, Dahod Road, Banswara - 327 001 (Rajasthan) Daman Plant Survey No. 713/1, 713/2, 713/3, 725/2 & 725/1, Village Dabhel, Nani Daman, Daman - 396210 Plot No. 5-6, G.I.D.C., Apparel Park, SEZ Sachin, Surat – 394 230 (Gujarat) BANSWARA SYNTEX LIMITED www.banswarasyntex.com Corporate Office 5th Floor, Gopal Bhawan, 199, Princess Street, Mumbai – 400 002 27 Surat Plant

33 Administrative Block Thermal Power Plant Spinning UnitSurat SEZ Unit BANSWARA SYNTEX LIMITED www.banswarasyntex.com

34 Design StudioQuality Testing Laboratory Finished Fabric InspectionThree Layer-Technical Fabric BANSWARA SYNTEX LIMITED www.banswarasyntex.com

35 BANSWARA SYNTEX LIMITED www.banswarasyntex.com Email: ir@banswarafabrics.com Web: www.banswarasyntex.com For further details, please contact: Mr. J. K. Jain Sr. V. P. (F&C) & Company Secretary Banswara Syntex Limited


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