BSL/SEC/2024-25/10 11th May, 2024

BSE Limited National Stock Exchange of India Ltd

Phiroze Jeejeebhoy Towers, Exchange Plaza Bandra–Kurla,
Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai–400051
(Maharashtra) (Maharashtra)
Scrip Code: 503722 Symbol :BANSWRAS

Sub: Outcome of Board Meeting held on Saturday, May 11, 2024 pursuant to Regulation 30 of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing
Regulations”).

Dear Sir / Ma’am,

The Board of Directors of the Company in their meeting held on Saturday, May 11, 2024 at the
Corporate office of the Company situated at 4th Floor, Gopal Bhawan, 199, Princess Street, Mumbai
which commenced at 03:30 PM and concluded at 5.42 P.M., inter alia transacted the following
business:
1. Approved the Audited Financial Results, statement of Assets & Liabilities and Cash Flow
Statement for the quarter/year ended on 31st March, 2024 along-with Auditor’s
Report of Statutory Auditors of the Company and the same are enclosed herewith.
2. Approved the Standalone & Consolidated Audited Financial Statements for the year
ended 31st March, 2024 along-with Auditor’s Report.
3. Recommended Final Dividend of ₹ 1/-per equity share of ₹5/- each for the financial
year ended 31stMarch, 2024.
Furthermore, in accordance with the Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015 and Company’s Code of conduct for Prohibition of
Insider Trading, the “Trading Window” for trading in the shares of the Company will be
open from Tuesday, May 14, 2024 for the Directors and the Key Management Personnel /
Designated Persons/ Connected Persons of the Company and their relatives.

You are requested to take the same on record.

Yours faithfully
For BANSWARA SYNTEX LIMITED
Digitally signed by
Hanuman Hanuman Prasad Kharwal
Prasad Kharwal Date: 2024.05.11 17:45:47
+05'30'

(H.P. KHARWAL)
Company Secretary& G.M. (Legal)
Membership No. FCS 12923
 BANSWARA SYNTEX LIMITED
CIN:L24302RJ1976P1C001684
Regd. Office : Industrial Area, Dahod Road, Banswara - 327001 (Rajasthan]
Phone: 91-2962-240690,91:-2962-257679-681 Fax: 91-2962-240692
Corporate Office : 4-5th Floor, Gopal Bhawan,199, Princess Street, Mumbai-400002
Phone: +91 22 66336571-76 Fax:+91 22 22064486 / 66336586
Website : www.banswarasyntex.com, Email : secretarlal@banswarasyntex.com
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024
Rs. In Lakhs, exce t per share data
--··
Quarter Ended Year Ended
-·---·--·
Audited Unaudited Audited Audited Audited
Particulars
31-Mar-24 31-Dec-23 31-Mar-23 31-Mar-24 31-Mar-23
I. Revenue From Operations 34,335.97 30,228.00 36,896.92 1,26,420.93 1,49,877.85

Ii. Other Income 871.90 356.44 513.90 1,792.36 1,459.37

Ill Total Income (1+11) 35,207.87 30,584.44 37,410.82 1,28,213.29 1,51,337.22
----··
Expenses: ·-----
Cost of Materials Consumed 13,550.60 12,906.10 14,617.89 52,444.51 66,783.02

---
Purchases of traded goods " " " " "

Changes in Inventories of Finished Goods, Stock-in-Trade and Work-In-Progress 2,492.61 758.89 .. 906.17 3,153.55 (3,902.96)

Employee Benefits Expenses 7,725.32 6,650.92 7,809.01 28,235.74, 28,626.15

Finance Costs 791.95 735.66 769.92 2962.41 3,173.97_

Depreciation, Amortization & Impairment expenses 1,127.26 1,082.93 1,022.62 4,334.69 4,077.09

Power & Fuel 3,389.81 3,310.76[ 4,097.61 14,779.75 19,219.51

Others Expenses 4,971.15 -4,004.51 4,396.93 17,541.32 19,341.17

IV. Total Expenses 34,048.70 29,449.77 33,620.15 1,23,451.97 1,37,317.95

V. Profit/(Loss) before exceptional item and tax (Ill-IV) 1,159.17 1,134.67 3,790.67 4,761.32 14,019.27

VI. Exceptional Items ----- " " "

---------·- -·-·
" "

VII.Profit/(Loss) before tax (V+vI) 1,159.17 1,134.67 3,790.67 4,761.32 _14,019.27

VIII. Tax Expense :
- -

-(1)Current Tax 325.80 86.10 880.25 1,152.76 3,717.00

Deferred Tax (16.00) 209.23 162.32 83.42 (837.60)

------- (2) ---- -----·· ----
Tax Adjustment of earlier years 16.76 (15.47) (33.53) (0.03) (1.39)
·--·-- (3)
IX. Profit after tax (vI-VII) 832.61 854.81 2,781.63 3,525.17 11,141.26
-------
Other Comprehensive Income
A. Item that will not be reclassified to profit or loss
(i) Remeasurement of defined benefit plan (86.13) - 55.24 402.03 88.87 239.53
---
(ii) Tax relating Remeasurement of defined benefit plan 21.68 (13.90) (101.18) (22.37) (60.29)
B. Item that will be reclassified to profit or loss (net of tax)
X. Total Other Comprehensive Income for the Period (net of tax) (64.45) 41.34 300.85 66.50 179.24
XI. Total Comprehensive Income for the Period (IX+X) 768.16 896.15 3,082.48 3,591.67 11,320.50
XII. Paid-up Equity Share Capital (Face Value of the Share - Rs. 5/- Per Share) 1,711.60 1,711.60 1,711.60 1,711.60 1,711.60

XIII. Other Equity (Excluding_revaluation reserve, As per Audited Balance Sheet) 51,760.09 49,195.38
XIV. Earnings perequity share (of Rs. 5/- each) (not annualised): -�,�

from continuing operations

------- ----
(1) Basic 2.43 2.50 8.13 10.30 32.55
--
-(2) Diluted 2.43 2.50 8.13 10.30 32.55
See accompanying notes to the financial results
Notes
1 The above standalone audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on
11 May 2024. The statutory auditors of the Company have audited the financial results for the quarter and year ended 31 March 2024 in terms of Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

2 The standalone audited financial results are prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the
Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendments
Rules, 2016, other Recognized Accounting Practices and Policies to the extent applicable and also in terms of Regulation 33 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015.

3 In line with the provisions of Ind AS 108- "Operating Segment" and on the basis of review of operations being carried out by the management of the Company,
the operations of the Company fall within a single operational segment viz. Textiles, which is considered to be the only reportable segment by the management.

4 The Board of Directors of the Company have recommended payment of final dividend of Re 1/- per equity share of face value of Rs 5/- each for the financial
year ended 31st March 2024, subject to the approval of shareholders at the ensuing Annual General Meeting and if approved, would result in a cash outflow of
Rs. 342.32 lakhs.
5 During the quarter the Company has further invested in equity shares of Wholly owned subsidiary namely "Banswara Brands Private Ltd" amounting to Rs. 104
Lakhs i.e. 10,40,000 Equity Shares of Rs. 10 each.

6 The figures of quarter ended 31 March 2024 and 31 March 2023 are the balancing figures between the audited figures in respect of full financial year and the
published figures of Nine months ending 31 December 2023 and 31 December 2022 respectively, which were subject to limited review by the statutory auditor.

7 The figures of the previous periods/year have been regrouped/rearranged/reclassified, wherever considered necessary to correspond with the current period
classification/disclosure.

For and on behalf of Board of Directors

BANSWARA SYNTEX LIMITED

Place: Mumbai (RAVINDRA KUMAR TOSHNIWAL)

Date: 11 May 2024 Managing Director
DIN : 00106789
 BANSWARA SYNTEX LIMITED
CIN:L24302RJ1976PLC001684
Regd. Office : Industrial Area, Dahod Road, Banswara - 327001 (Rajasthan)
Phone: 91-2962-240690,91:-2962-257679-681 Fax: 91-2962-240692
Corporate Office : 4-5th Floor, Gopal Bhawan,199, Princess Street, Mumbai-400002
Phone: +91 22 66336571-76 Fax:+91 22 22064486 / 66336586
Website : www.banswarasyntex.com, Email: secretarial@banswarasyntex.com
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
Rs. In Lakhs
--- ---- r----··--
,_ As at As at
Particulars 31 March 2024 31 March 2023

---
Audited Audited
ASSETS
------
A Non-Current Assets .......... - .. •-----------------
Property, Plant and Equipment 41,868.52 36,280.54
Right of Use Asset 454.05 527.73
Capital Work-in-Progress 1,958.83 2,184.94
-------- --- -------------- -------
Other Intangible Assets 91.23 153.73
Intangible Assets Under Development 6.25 6.25
··----- ------· - ------------·----·· ---- --------
Financial Assets
(i) Investments 954.90 580.90
(ii) Others Financial Assets 551.39 766.22
Income Tax Assets (Net) 2,266.18 1,748.75
Other Non-Current Assets 2,036.63 2,186.96
----------ss ···- ---
Total Non-Current Assets 50,187.98 44,436.02

------
B Current Assets
---
Inventories 27,146.10 31,394.19
---
-----····-··•---
Financial Assets
(i) Investments
---·--·---·-----·---····· _., ___ ------·-· ··--- --··--
15.52 6.72
---
(ii) Trade Receivables_ 20,742.17 21,213.14
···----- ···------ ---··--· ·------·-·--
(iii) Cash and Cash Equivalents 803.38 1,460.45
------------ --------
(iv) Bank balances other than (iii) above 1,966.65 2,257.72
(v) Loans 216.85 ..
243.00
(vi) Others Financial Assets 838.79 981.72
Other current assets ------·- 5,115.43 4,855.75
--
Total Current Assets 56,844.89 62,412.69
---
Tota I Assets 1,07,032.87 1,06,848.71
--------
EQUITY AND LIABILITIES
C
-·-··--- ..
EQUITY
Equity Share Capital 1,711.60 1,711.60
--------
Other Equity 51,760.09 49,195.38
Total Equity 53,471.69 50,906.98

D Non-Current Liabilities
Financial Liabilities
(i) Borrowings 14,878.35 12,357.88
(ii) Lease Liabilities 94.02 155.09
·---- --------
. Provisions 711.29 407.92
Deferred Tax Liabilities (Net) 1,971.93 1,866.15
···------- ----
Government Grant 367.83 452.30
Total Non-Current Liabilities 18,023.42 15,239.34
-·-···

E Current Liabilities
Financial Liabilities
(i) Borrowings 20,442.90 24,761.57
(ii) Lease Liabilities 61.19 66.27
(iii) Trade Payables
a) Total outstanding dues of micro enterprises and small enterprises; 646.67 675.59
---
b) Total outstanding dues of creditors other than micro enterprises and small
enterprises 7,340.08 8,160.91
(iv) Other Financial Liabilities 5,082.44 5,451.84
Other Current Liabilities 1,447.36 1,147.63
-····
Government Grant 84.47 84.47
Provisions 291.69 213.15
Income Tax Liabilities (Net) 140.96 140.96
Total Current Liabilities - ---- 35,537.76 40,702.39
{ S
otal Equity and Liabilities 1,07,032.87 1,06,848.71

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 BANSWARA SVNTEX LIMITED
CIN:L24302RJ1976PLC001684
STANDALONE STATEMENT OF CASH FLOW FOR THE VEAR ENDED 31 MARCH 2024
(Rs. in Lakhs)
Audited Audited
Year Ended Year Ended
Particulars
31 March 2024 31 March 2023
A) Cash Flow From Operating Activities:-
Net Profit Before Tax as per Statement of Profit and Loss 4,761.32 14,019.27
Adjusted for :
Depreciation and Amortization Expenses 4,334.69 4,077.09
Unrealised Exchange (Galn)/Loss (210.19) 123.40
Impairment Allowance for Doubtful Advances/Receivables 24.23
Provision for Doubtful Debts written back (301.29)
Deferred Government Grant transfered to Statement of Profit and Loss (84.47) (84.47)
Gain on sales/discard of property, plant and Equipments (48.28) (233.00)
Dividend Received (0.30) (0.19)
Interest Income (198.25) (217.65)
Finance Cost 2,962.41 3,173.97
Fair value (gain)/loss transferred to Statement of Profit and Loss (8.80) 6,445.52 (2.81) 6,860.57
Operating profit before working capital changes 11,206.84 20,879.84
Adjusted for :
(Increase)/Decrease in trade & other receivables 899.63 (7,563.75)
(lncrease)/Decrease in inventories 4,248.09 (3,505.29)
(lncrease)/Decrease in Bank balance and Term Deposits
291.07 (1,390.58)
other than Cash and Cash Equivalents
Increase/(Decrease) in trade and others payables (458.53) 4,980.26 (2,063.45) (14,523.07)
Cash generated from operations 16,187.10 6,356.77
Direct Tax paid (net of tax refund) 1,670.16 4,343.97
Net cash from operating activities (A) 14,516.94 2,012.80

B) Cash Flow From Investing Activities:-

Acquisition of Property, Plant and Equipment (9,773.10) (10,312.63)
Proceeds from sale of Property, Plant and Equipment 414.04 360.80
Investment in Joint Venture (88.90)
Investment in subsidiary (374.00) (26.00)
Dividend Received 0.30 0.19
Term Deposit with Banks 201.30 (103.66)
Interest Income 198.25 217.65
Net cash used in investing activities (B) (9,333.21) (9,952.55)

C) Cash Flow From Financing Activities;-

Proceeds from Term Loan borrowings 7,599.84 6,189.58
Repayment of Term Loan borrowings (3,858.26) (4,280.51)
Interest paid (2,921.65) (3,133.62)
Increase /(Decrease) in working capital facilities (5,407.82) 8,960.54
Proceeds from unsecured loans 296.00 441.00
Repayment of unsecured loans (454.00) (146.00)
Repayment of Principal towards Lease Liability (63.13) (61.39)
Interest Paid on Lease Liability (14.71) (20.27)
Dividend Paid (1,017.07) (424.03)
Net cash from financing activities (C) (5,840.80) 7,525.29
Net Increase/ (Decrease) in cash and cash equivalents (A+B+C) (657.07) (414.46)
Opening balance of cash and cash equivalents 1,460.45 1,874.91
Closing balance of cash and cash equivalents 803.38 1,460.45

Cash and Cash Eaulvalent includes·-

As at As at
Particulars
31 March 2024 31 March 2023
Cash on hand 41.36 44.79
Balance in current account 762.02 1,415.66
Total 803.38 1,460.45
K G Somani & Co LLP o ce! gsomant.com
LLP Identification No. AAX-5330
CHARTERED ACCOUNTANTS

Independent Auditor's Report on Standalone Audited Financial Results for the Quarter and Year
ended March 31, 2024 of Banswara Syntex Limited Pursuant to the regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended

To
The Board of Directors of Banswara Syntex Limited
Report on the Audit of the Standalone Ind AS Financial Results

Opinion

We have audited the accompanying standalone financial results of Banswara Syntex Limited ("the
Company") for the Quarter ended March 31, 2024 and the year-to-date results from April 1, 2023 to
March 31, 2024 (the Statement") attached herewith, being submitted by the company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended (Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in
the applicable Indian accounting standards (Ind AS) and other accounting principles generally
accepted in India, of the net profit and other comprehensive income and other financial information
of the Company for the quarter ended March 31, 2024 as well as year-to-date results from April I,
2023 to March 3 I, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143( I 0)
of the Companies Act, 20 I 3, as amended ("the Act"). Our responsibilities under those Standards are further
described in the Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements
section of our report.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
financial results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We
believe that the audit evidence we have obtained
opinion.

Regd. Office 3/15, ASAF ALI ROAD, NEW DELHI-110002 . •••

Corp Office: 4/1 Asaf AIi Road, 3" Floor, Delite Cinema Building, Delhi-110002. Tel: +91-11-41403938, 23277677, 23252225
Converted from K G Somani & Co (Partnership firm) w.e.f. 24" June 2021
 www.ksomani.com
K G Somani & Co LLP office@gsomani.com
LLP Identification No. AAX-5330
CHARTERED ACCOUNTANTS

Management's Responsibilities for the Standalone Ind AS Financial Results

These quarterly and annual financial results have been prepared on the basis of the standalone Ind AS
financial statements for the year ended March 3 I, 2024. The Company's Board of Directors are responsible
for the preparation and presentation of these financial results that give a true and fair view of the net profit
and other comprehensive income and other financial information in accordance with the recognition and
measurement principles laid down in Indian Accounting Standard (Ind AS) prescribed under Section 133
of the Act read with relevant rules issued there under and other accounting principles generally accepted in
India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the statement, the Board of Directors are responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Board of Directors either intends to I iquidate the Company or to cease
operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Results
Our objectives are to obtain reasonable assurance about whether the statement as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the statement, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit that res
are appropriate in the circumstances, but not for the purpose of expressing an opinion/retfftf-ieef �t::(j:vioess
i
'

of the company's internal control. ,])

• E ·valuate
I · · 1· ·
thhe appropriateness off accounting policies h reasonatbl teness otf
uset d an d the Niw Delhi ,
unting estfmates
and related disclosures made by the Board of Directors. •'gr']

Regd. Office 3/15, ASAF ALI ROAD, NEW DELHI-110002

Kw
Corp Office: 4/1 Asaf Ali Road, 3" Floor, Delite Cinema Building, Delhi-1 10002. Tel: +91-1 1-41403938, 23277677, 23252225
Converted from K G Somani & Co (Partnership firm) w.e.f. 24 June 2021
 www.kgsomani.com
K G Somani & Co LLP office@kgsomani.com
LLP Identification No. AAX-5330
CHARTERED ACCOUNTANTS

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the
related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion.
Our conclusions arc based on the audit evidence obtained upto the date of our auditor's report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the statement, including the disclosures, and
whether the financial results represent the underlying transactions and events in a manner that achieves
fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results of the Company to express an
opinion on the financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters
The statement includes the results for the quarter ended March 31, 2024 being the balancing figure between
the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited
year-to-date figures up to the third quarter of the current financial year, which were subjected to limited
review by us, as required under the Listing Regulations.

Our opinion is not modified in respect of the above matters.

For K G Somani & Co LLP

Chartered Accountants
Firm Registratioj No: .'.\W�j�e.:77
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tr��\'
A w"" ''v ' s"
(Amber Jaiswal)
Partner
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Chaneyoy
((2( 1El]]
/%j'
w� �""•·" •· -· ·,. . ,�· /9l,
Membership No: 550715 ·
UDIN: 24550715BKCYRL3915
Place: Mumbai
Date: 11 May 2024

Regd. Office: 3/15, ASAF ALI ROAD, NEW DELHI-1 10002

Corp Office: 4/1 Asaf Ali Road, 3' Floor, Delite Cinema Building, Delhi-110002. Tel: +91-11-41403938, 23277677, 23252225
Converted from K G Somani & Co (Partnership firm) w.e.f. 24" June 2021
 BANSWARA SYNTEX LIMITED
CIN:L24302RJ1976PLC001684
Regd. Office: Industrial Area, Dahod Road, Banswara - 327001 (Rajasthan)
Phone: 91-2962-240690,91:-2962-257679-681 Fax: 91-2962-240692
Corporate Office : 4-5th Floor, G0pal Bhawan,199, Princess Street, Mumbai-400002
Phone: +91 22-66336571-76 Fax:+91 22-22064486 / 66336586
Website : www.banswarasyntex.com, Email : secretarial@banswarasyntex.com
STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024
Rs. In Lakhs, except per share data
Quarter Ended Year Ended
-·--- -·---------�-------
Audited Unaudited Audited Audited Audited
Particulars
31-Mar-24 31-Dec-23 31-Mar-23 31-Mar-24 31-Mar-23

I. Revenue From Operations 34,338.80 30,234.17 36,896.84 1,26,387.05 1,49,877.77

II. Other Income 870.48 356.27 512.51 1,788.39 1,457.54

II. Total Income (1+11) 35,209.28 30,590.44 37,409.35 1,28,175.44 1,51,335.31

Expenses : ·-··· . ··------·-----

Cost of Materials Consumed ....... 13,550.60 12,906.10 14,617.89 52,444.51 66,800.38
·-·-···-·- ,.

Purchases of traded goods 1.29 0.18 - 3.03 -

Changes in Inventories of Finished Goods, Stock-in-Trade and Work-In-
Progress 2,487.54 766.88 906.16 3,114.37 (3,920.32)
--
_Employee Benefits Expenses -----·----·
7,734.72 6,675.26 7,816.02 28,300.99 ·------ 28,638.16

--·-
Finance Costs 792.02 735.75 769.92 2,962.64 3,173.97

Depreciation, Amortization & Impairment expenses 1,128.20 1,083.78 1,023.34 4,338.40 4,078.05

Power& Fuel 3,389.81 3,310.76 -4,097.61 14,779.75 -19,219.51

---- ----·
Other Expenses 5,007.17 4,041.98 4,431.28 17,659.86 19,396.68

-- ---- ------- ---------------., .. --- ----- __ __________

IV. Total Expenses ,, - - --· 34,091.35 29,520.69 •-··- 33,662.22 1,23,603.55 1,37,386.43

V. Profit/(Loss) before exceptional item and tax (lit-IV) 1,117.93 1,069.75 3,747.13 4,571.89 13,948.88

VI. Exceptional items -

------·- ---·-
- -
---------- - -
VII. Share of Profit/(Loss) in Joint Venture 45.16 29.38 128.05
------ --·------ ------ ----·
171.37 185.99
-···-

VIII. Profit/(Loss) before tax (V+VI+VII) 1,163.09 1,099.13 3,875.18 4,743.26 14,134.87
IX. Tax Expense : --�-- ----·---- --·-···---·-· - ----··-·----- ·-·--- -- --·---- ----- ·---- - ----
(1) Current Tax -·--·--- 325.80 86.10 880.24
--··-···--·----
1,152.76 3,717.00

(2) Deferred Tax ----------

(27.01) 192.81 144.93 36.41 _(854.99)

(3) Tax Adjustment of earlier years ------·-

16.76 (15.47) --------· (33.53) -·- (0.03) -----�- (1.39)

X. Profit after tax (VIII-IX) 847.54 835.69 2,883.54 3,554.12 11,274.25

-···-····-·--···
Other Comprehensive income --·---·--- ···------ ·--·-----------
A. item that wili not be reclassified to profit or loss ·--·--· ---------··--·
(i) Remeasurement of defined benefit plan 55.24 ----------·------------------
(86.13) ---- ---------------- 402.03 88.87
-·----··- ---·----------
239.53
--
(ii) Tax relating Remeasurement of defined benefit plan 21.68 (13.90) (101.18) (22.37) (60.29)
···- ·- ·······--�-
(iii) Share of other comprehensive income of Joint Venture accounted for
using Equity Method 0.15 - - 0.15 -
B. Item that will be reclassified to profit or loss (net of tax) -
-·-------··---·
XI. Total Other Comprehensive Income for the Period (net of tax) (64.30) 41.34 300.85 66.65 179.24
XII. Total Comprehensive Income for the Period (X+XI) 783.24 877.03 3,184.39 3,620.77 11,453.49
---·
XIII. Paid-up Equity Share Capital (Face Value of the Share - Rs. 5/- Per
Share) -·-·-- --
1,711.60 1,711.60 1,711.60 1,711.60 -1,711.60
-·· ·- ··-·
·--·-· - ·--·---------·- ·----·-··-··-------- -·---- ·······-···-·----- -·-·--·--··- ...... _ --.---·-·-------- --
XIV. Other Equity (Excluding revaluation reserve, As per Audited Balance
Sheet) 51,789.05 49,195.24
·---·-····--·--··
·--
XV. Earnings per equity share (of Rs. 5/- each) (not annualised): ---- ----· ------·
from continuing operations
-·
(1) Basic 2.48 2.44 8.42 10.38 32.93
----·-···----- ·----·--··--
(2) Diluted 2.48 2.44 8.42 10.38 32.93
See accompanying notes to the financial results
 The above Consolidated audited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on
11 May 2024. The statutory auditors of the Group have audited the financial results for the quarter and year ended in terms of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

2 The Consolidated audited financial results are prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the
Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendments
Rules, 2016, other Recognized Accounting Practices and Policies to the extent applicable and also in terms of Regulation 33 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations 2015.

3 In line with the provisions of Ind AS 108- "Operating Segment" and on the basis of review of operations being carried out by the management of the Group, the
operations of the Group fall within a single operational segment viz. Textiles, which is considered to be the only reportable segment by the management.

4 The Board of Directors of the Parent Company ("Banswara Syntex Limited") have recommended payment of final dividend of Re 1/- per equity share of face
value of Rs 5/- each for the financial year ended 31st March 2024, subject to the approval of shareholders at the ensuing Annual General Meeting and if
approved, would result in a cash outflow of Rs. 342.32 lakhs.
5 The figures of quarter ended 31 March 2024 and 31 March 2023 are the balancing figures between the audited figures in respect of full financial year and the
published figures of Nine months ending 31 December 2023 and 31 December 2022 respectively, which were subject to limited review by the statutory auditor.

6 The figures of the previous periods/year have been regrouped/rearranged/reclassified, wherever considered necessary to correspond with the current period
classification/disclosure.

For and on behalf of Board of Directors

BANSWARA SYNTEX LIMITED

(RAVINDRA KUMAR TOSHNIWAL)

Place : Mumbai Managing Director
Date : 11 May 2024 DIN : 00106789
 BANSWARA SYNTEX LIMITED
CIN:L24302RJ1976PLC001684
Regd. Office : Industrial Area, Dahod Road, Banswara - 327001 (Rajas than)
Phone: 91-2962-240690,91:-2962-257679-681 Fax: 91-2962-240692
Corporate Office : 4-5th Floor, Gopal Bhawan,199, Princess Street, Mumbai-400002
Phone: +91 22 66336571-76 Fax:+91 22 22064486 / 66336586
Website : www.banswarasyntex.com, Email ; secretarial@banswarasyntex.com
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
Rs. In Lakhs

� As at As at
Particulars 31 March 2024 31 March 2023
Audited Audited
-·-------- ----�---
ASSETS
A Non-Current Assets

f--·
Property, Plant and Equipment 41,872.71 36,285.33
Right of Use Asset ---·
454.05 527.73
- -----
Capital Work-in-Progress 1,958.83 2,184.94
...... _________ _Other Intangible Assets 98.97 164.08
Intangible Assets Under Development 6.25 6.25
Investment accounted for using Equity Method 779.28 607.76
---
Financial Assets
---
(i) Others 551.39 766.22
Income Tax Assets (Net) 2,266.18 1,748.75
--
Other Non-Current Assets 2,036.63 2,186.96
Total Non-Current Assets 50,024.29 44,478.02
-----------
---------·· ··-- -----·
B Current Assets
--
Inventories 27,202.63 31,411.55
--·--··· --·-- -- -----·
Financial Assets
(i) investments --
15.52 6.72
{ii) Trade Receivables 20,737.11 21,212.79
-
(iii) Cash and Cash Equivalents 855.59 1,460.72
-------- --
(iv) Bank balances other than {iii) above 1,966.65 2,270.55
(v) Loans 216.85 -------
170.31
(vi) Others 838.79 981.72
----- ---- ------
Other current assets 5,144.68 4,865.17
-- ....... --
--
Total Current Assets
--- ____ .__
56,977.82 62,379.53
Total Assets 1,07,002.11 1,06,857.55
·--·--·- -----··
"----------··---- ---···---- ----
EQUITY AND LIABILITIES
----�
C EQUITY ..
····-··- "''"

Equity Share Capital 1,711.60 1,711.60

------ ----
------·-- Other Equity 51,789.05 49,195.24
Total Equity 53,500.65 50,906.84
-----
--------
D Non-Current Liabilities
Financial Liabilities
-- ------
(i) Borrowings 14,878.35 12,357.88
(ii) Lease Liabilities 94.02 155.09
Provisions 711.29 407.92
---------
Deferred Tax Liabilities {Net) 1,907.53 1,848.76
Government Grant 367.83 452.30
Total Non-Current Liabilities
-- ----···
- -----··-
--
17,959.02
___ ,.
15,221.95

E Current Liabilities
--
Financial Liabilities
-·-·-
{i) Borrowings 20,442.90 24,761.57
(ii) Lease Liabilities 61.19 66.27
---
{iii) Trade Payables
----- --·---·
a) Total outstanding dues of micro enterprises and small enterprises; 648.20 682.14
--
b) Total outstanding dues of creditors other than micro enterprises and
small enterprises 7,341.50 8,176.32
{iv) Other Financial Liabilities 5,082.99 4,932.27
---
Other Current Liabilities 1,448.54 1,671.61
-
Government Grant 84.47 84.47
-----·•-•+--•---·-----
Provisions 291.69 213.15
----
Income Tax Liabilities (Net) - -----
140.96 140.96
Total Current Liabilities
/gr'j
Zs7 35,542.44 40,728.76

/9-.-.P>
rota siry an uaones 1,07,002.11 1,06,857.55

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 BANSWARA SYNTEX LIMITED
CIN:L24302RJ1976PLC001684
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2024
(Rs. In Lakhs)
Audited Audited
Year Ended Year Ended
Particulars
31 March 2024 31 March 2023
A) Cash Flow From Operating Activities :-
Net Profit Before Tax as per Statement of Profit and Loss 4,743.26 14,134.87
Adjusted for :
Depreciation and Amortization Expenses 4,338.40 4,078.05
Unrealised Exchange Loss/(Gain) (210.19) 123.40
Share of (Profit)/Loss of Joint Venture (171.37) (185.99)
Impairment Allowance for Doubtful Advances/Receivables 24.23
Provision for Doubtful Debts written back (301.29)
Deferred Government Grant transfered to Statement of Profit and Loss (84.47) (84.47)
Net Loss/(Gain) on sales of property, plant and Equipments (233.00)
Dividend Received (0.30) (0.19)
Interest Income (198.65) (216.10)
Finance Cost 2,962.64 3,173.97
Fair value (gain)/loss transferred to Statement of Profit and Loss (8.80) 6,325.97 (2.81) 6,677.09
Operating profit before working capital changes 11,069.23 20,811.96
Adjusted for :
(lncrease)/Decrease in trade & other receivables 811.82 (7,500.15)
(Increase/Decrease in inventories 4,208.92 (3,522.65)
(Increase)/Decrease in Bank balance and Term Deposits
303.91 (1,403.41)
other than Cash and Cash Equivalents
Increase/(Decrease) in trade and others payables (480.22) 4,844.43 (2,037.07) (14,463.28)
Cash generated from operations 15,913.66 6,348.68
Direct Tax paid (net of tax refund) 1,670.16 4,343.97
Net cash from operating activities (II) 14,243.50 2,004.71

B) Cash Flow From investing Activities :-

Acquisition of Property, Plant and Equipment (9,774.35) (10,328.73)
Proceeds from sale of Property, Plant and Equipment 366.50 360.80
Investment in Joint Venture (88.90)
Dividend Received 0.30 0.19
Term Deposit with Banks 201.30 (103.66)
Interest Income 198.65 216.10
Net cash used in investing activities (B) (9,007.60) (9,944.20)

C) Cash Flow From Financing Activities ;-

Proceeds from Term Loan borrowings 7,599.84 6,189.58
Repayment of Term Loan borrowings (3,858.26) (4,280.51)
Unsecured Loan from Directors
Interest paid (2,921.88) (3,133.62)
Increase /(Decrease) in working capital facilities (5,407.82) 8,960.54
Proceeds from unsecured loans 296.00 441.00
Repayment of unsecured loans (454.00) (146.00)
Repayment of Principal towards Lease Liability (63.13) (61.39)
interest Paid on Lease Liability (14.71) (20.27)
Dividend Paid (1,017.07) (424.03)
Net cash from financing activities (C) (5,841.03) 7,525.30
Net Increase/ (Decrease) in cash and cash equivalents (A+B+C) (605.13) (414.19)
Opening balance of cash and cash equivalents 1,460.72 1,874.91
Closing balance of cash and cash equivalents 855.59 1,460.72

Cash and Cash Eauivalent includes·-

Asat Asat
Particulars
31 March 2024 31 March 2023
Cash on hand 41.36 44.79
Balance in current account 814.23 1,415.93
Total 855.59 1,460.72
K G Somani & Co LLP www.kgsomani.com
office@kgsomani.com
CHARTERED ACCOUNTANTS LLP Identification No. AAX-5330

Independent Auditor's Report on Consolidated Audited Financial Results for the Quarter and Year
ended March 31, 2024 ofBanswara Syntex Limited Pursuant to the regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended

To
The Board of Directors of Banswara Syntex Limited
Report on the Audit of the Consolidated Ind AS Financial Results

Opinion

I. We have audited the accompanying Consolidated Financial Results of Banswara Syntex Limited("the
Holding Company") and its Subsidiary (the holding company and its Subsidiary together referred to as "the
Group"), its Joint Venture for the Quarter ended March 31, 2024 and the year-to-date results for the
period from April 1, 2023 to March 31, 2024 (the Statement) attached herewith, being submitted by the
company pursuant to the requirement of Regulation 33 of the SEBl (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us the statement
and based on the consideration of the reports of the other auditors on separate financial statements/ financial
information of Joint venture and Subsidiary Company respectively, the Statement:
i. I d t h e resu ts o fh
Inc'uses 11
t e folowIng entity:

Sr. No. Name of the Company Relation

I. Tesca Textile & Seat Components (India) Joint Venture
Private Limited

2. Banswara Brands Private Limited Subsidiary Company

ii. is presented in accordance with the requirements of the Listing Regulations, as amended; and
iii. give a true and fair view in conformity with the applicable Indian accounting standards (Ind AS), and
other accounting principles generally accepted in India of the consolidated total comprehensive income
(comprising of net profit and other comprehensive loss/ income) and other financial information of the
group, for the quarter ended March 31, 2024 as well as year-to-date results from April I, 2023 to March
31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143( I 0)
of the Companies Act, 2013, as amended, (the Aet").

Our responsibilities under those Standards are further described in the Auditor's Responsi
Audit of the Consolidated Ind AS Financial Statement section of our report. //?
(R
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i

Corp Office: 4/1 Asat Ali Road,

Regd. Office: 3/15, ASAF ALI ROAD, NEW DELHI-110002
'
3" Floor, Delite Cinema Building, Delhi-1 10002. Tel: +91-1 1-41403938, 2327767723252225
Converted from K G Somani & Co (Partnership firm) w.e.f. 24" June 2021
K G Somani & Co LLP www.kgsomani.com
office@kgsomani.com
CHARTERED ACCOUNTANTS LLP Identification No. AAX-5330

We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of the financial
results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter
paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Consolidated Ind AS Financial Results

The statement has been prepared on the basis of the consolidated Ind AS financial statements for the year
ended March 31, 2024. The Company's Board of Directors are responsible for the preparation and
presentation of these consolidated Ind AS financial results that give a true and fair view of the net profit/loss
and other comprehensive loss/income and other financial information of the Group in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) prescribed
under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective
Board of Directors of the companies included in the Group are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group
and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error, which have been used for the purpose of preparation of the statement by the Directors
of the Company, as aforesaid.
In preparing the statement, the respective Board of Directors of the companies included in the group are
responsible for assessing the ability of the group Companies to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless the
respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic
alternative but to do so.
The respective Board of Directors of the companies included in the are responsible for overseeing the
financial reporting process of the group.
Auditor's Responsibilities for the Audit of the Consolidated Ind AS Financial Results

Our objectives are to obtain reasonable assurance about whether the statement as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of the statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the statement, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidenceff@ti&sufficient

« f)" &
Regd Office; 3/15, ASAF ALI ROAD, NEW DELHI-110002 '-"s
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Corp Office: 4/1 Asaf Ali Road, 3"Floor, Delite Cinema Building, Delhi-110002. Tel: +91-1 1-41403938, 23277677, 23252225
Converted from KG Somani & Co (Putncrship fit·m) w.e.f. 24 .June 2021 !I)::\
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K G Somani & Co LLP www.gsomani.com
office@kgsomani.com
CHARTERED ACCOUNTANTS LLP Identification No. AA.X-5330

and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained upto the date of our auditor's report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the statement, including the disclosures, and
whether the statement represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the
entities within the Group to express an opinion on the statement. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities included in the statement
of which we are the independent auditors. For the Joint venture and Subsidiary Company included in the
statement, which have been audited by other auditors, such other auditors remain responsible for the
direction, supervision and performance of the audits carried out by them. We remain solely responsible
for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
We also performed procedures in accordance with the circular issued by the Securities and Exchange
Board of India (SEBI) under Regulation 33(8) of the Listing Regulations, as amended, to the extent
applicable.

Other Matters
• The consolidated audited financial results include the Group's share of net profit of Rs. 45.31 Lakhs and
Rs. 171.52 Lakhs for the quarter ended March 31, 2024 and year ended March 31, 2024 respectively as
considered in the consolidated audited financial results, in respect of Joint venture, whose financial
statements/ financial information/ financial results have not been audited by us. These financial statements
/ financial information / financial results have been audited by other auditors whose reports have been
furnished to us by the Management and our conclusion on the Statement, in so far as it relates_to the
amounts and disclosures included in respect of Joint venture is based solely on the reB-0($ G-f��er

$s z\)
auditors and the procedures performed by us as stated in para "Auditor's Responsibiliti~s'abovk.
TT/ Ye
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Regd. Office: 3/15, ASAF ALI ROAD, NEW DELHI-1 10002
Corp Office: 4/1 Asaf Ali Road, 3"Floor, Delite Cinema Building, Delhi-1 10002. Tel: +91-11-41403938, 232
Converted from K G Somani & Co (Partnership firm) w.e.f. 24" June 2021
KG Somani & Co LLP www .kgsomani.com
office@kgsomani.com
CHARTERED ACCOUNTANTS LLP Identification No. AAX-5330

• We did not audit the financial statements of below subsidiary company, whose financial statements reflect
total assets, total revenues, Company's share of net profit and net cash flows for the year ended on 31
March 2024 as given below, considered in the consolidated financial statements.
(Amount Rs. in 1 akhs)
As at 31
March For the Year Ended 31 March 2024
Sr. 2024
Name of Subsidiary
No.
Total Total Net Cash Share of Net
Assets Revenues Flows Profit
Banswara Brands Private
I Limited 219.24 29.53 39.12 (138.07)

These financial statements have been audited by other auditor whose report have been furnished to us by
the Management and our opinion on the consolidated financial statements, in so far as it relates to the
amount and disclosures included in respect of aforesaid subsidiary company the aforesaid subsidiary
company, is based solely on the reports of the other auditors and the procedures performed by us as stated
in para "Auditor's Responsibilities" above.

• The statement includes the results for the quarter ended March 3 I, 2024 being the balancing figure between
the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited
year-to-date figures up to the third quarter of the current financial year, which were subjected to limited
review by us, as required under the Listing Regulations.

Our opinion is not modified in respect of the above matters.

For KG Somani & Co LLP

Chartered Accountants
Firm Registration No: 006591N/N500377
I .• )
--·
A a]"
I·
(Amber Jaiswal)
Partner
Membership No: 550715
UDIN: 24550715BKCYRM1032%--=
Place: Mumbai
Date: 11 May 2024

Regd. Office: 3/15, ASAF ALI ROAD, NEW DELHI-1 10002

Corp Office: 4/1 Asaf Ali Road, 3" Floor, Delite Cinema Building, Delhi-110002. Tel: +91-11-41403938, 23277677, 23252225
Converted from K G Somani & Co (Partnership firm) w.e.f. 24" June 2021
 -' BANSWARA

'

BSL/SEC/2024-25/11 11May, 2024

BSE Limited National Stock Exchange of India Ltd
Phiroze Jeejeebhoy Towers, Exchange Plaza Bandra-Kurla,
Dalal Street, Mumbai - 400 001 Bandra (East), Mumbai-400051
(Maharashtra) (Maharashtra)
Scrip Code: 503722 Symbol :BANSWRAS

Sub; Declaration for unmodified opinion in respect of Audited Standalone and Consolidated
Financial Results of the Company for the year ended 31s March, 2024

Dear Sir/ Madam,

Pursuant to Regulation 33(3)(d) of the SEBI(Listing Obligations and Disclosure Requirements)

Regulations, 2015 read with SEBI Notification No. SEBI/LAD- NRO/GN/2016-17/001 dated 25
May, 2016 and SEBI Circular No. CIR/CFD/CMD/56/2016 dated 27# May, 2016. I, Kavita Gandhi,
Chief Financial Officer of Banswara Syntex Limited (CIN:-L24302RJ1976PLC001684) hereby declare
that, the Statutory Auditors of the Company, KG. Somani & Co. LLP, Chartered Accountants (Firm
Registration No.006591N) have issued Audit Report(s) with unmodified opinion on Audited
Standalone and Consolidated Financial Results of the Company for the year ended 31st March, 2024.

This is for your information and records please.

Yours faithfully
For BANSWARA SYNTEX

U--
ANDHI

BANSWARA SYNTEX LIMITED

CORPORATE OFFICE REGISTERED OFFICE & MILLS
5' Floor, Gopal Bhawan, 199 Princess Street Mumbai 400 002 Industrial Area, Dahod Road, Banswara - 327001 (Rajasthan]
Tel : + 91 22 66336571-76 ] Fax : + 91 22 66336586 Tel : + 91 2962 240690-93, 257679-68 ] Fax: + 91 2962 240692
Email : info@banswarasyntex.com Email : secretarial@banswarasyntex.com

An IS/ ISO 9001: 2008 Company I CIN L24302RJ1976PLC001684 I www.banswarasyntex.com