banswara syntex limited investors update october 2010

Banswara Syntex LimitedInvestors Update

October 2010

KEY HIGHLIGHTS OF 2009-10 Total Income increased by 15%

EBIDTA increased by 41%

PAT more than 3.2 times.

Interim Divided 15% in Jan-10

Net Worth Rs. 118 Cr. (31-Mar-2010)

Net Worth and DTL Rs. 145 Cr. (31-Mar-2010)

Book Value of Shares Rs. 90.10 per share

Basic EPS Rs. 23.55

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 LIMITEDwww.banswarasyntex.com

AGENDA

About - Banswara Syntex Limited

Our Plants – Installed Capacities

Our Valued Customers

Shareholding Pattern

Dividend/Bonus History

Product Wise and Domestic & Export Sales

Financial Highlights – Q1FY11

Working Performance for FY 07,08,09,10

Share Price v/s BSE Sensex Comparison

Awards / Achievements

Status of the projects under implementation

Global Textile Industry

Investment Consideration

Milestones

Corporate Social Endeavours

Address & Contacts


ABOUT US

Banswara Syntex Ltd. (BSL) was incorporated in the year 1976.While Incorporation it was 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. Presently it is a Public Limited Company, the promoters holding is 52.89% of Equity Share Capital.

Initially it was a spinning mill with 12500 spindles. As the journey continued the Company completed expansion, diversification and modernization plans. Over the last 3 decades, Company besides increasing the Spinning capacity to 134164 spindles started production of Fabric from 1993, Readymade Garments from 2004,Made-ups and Worsted Spinning from 2008. The Company also Entered Into JV with a French Company Carreman in 2006.

It is a Government recognized Trading House and has won theHighest 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


BSL is one of the Largest Vertically integrated Textile Player

www.banswarasyntex.com BANSWARA SYNTEX LIMITED

MANAGING & WHOLE TIME DIRECTORS

Mr. R L Toshniwal – Chairman & Managing Director

He holds a Masters degree in Textiles from Leeds University, UK and has a vast experience

of 47 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 – Jt. Managing Director

He holds a B.Tech (Chem.) from IIT, Mumbai and has also undergone OPM Course of Harvard

University, USA. He has 18 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 22 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 6 years of experience in the field of Textile Industry. He is responsible for the

readymade garment units of the company at Daman and Surat.

Banswara Syntex Ltd, has twelve directors including four managing & whole time directors, one nominee director appointed by EXIM Bank, and other seven directors who are independent professional directors on the Board. Independent Directors are-

BOARD OF DIRECTORS

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


Installed Capacities

Ring Spindles – 1,29,244

Worsted Yarn Spindles – 14,400

Air Jet Spindles - 736

Installed Capacities Installed Capacities

Shuttle – less Looms – 222

Jacquard Looms – 20

Fabric – Processing Capacity – 5

Million Meters / Month

Jacquard made-ups – 12,500 pcs/ month

Readymade Trousers – 2,50,000 pcs / month

Readymade Jackets – 10,000 pcs / month

BANSWARA PLANT BANSWARA PLANT DAMAN & SURAT PLANT

OUR BUSINESS PORTFOLIO


1.VSF2.PSF3.ASF4.Cotto

n5.Lycra 6.Linen7.Wool

SPINNING

SPUN YARN

Internal Sales

WEAVING Including

TECHNICAL FABRIC

Fila

men

t Yarn

(Rayon /

Poly

este

r)

SPINNING WEAVING & PROCESSING

PROCESSING & FINISHING

External Sales

Inte

rnal

Sale

s

GARMENTS / MADE UPS

Exte

rnal

Sale

s

Exp

ort

Sale

s

Domestic

Sales

GARMENTING

BUSINESS PROCESS

P. Fabric – Performance Fabric


Greige

T. Fabric – Technical Fabric

OUR PLANTS

•(Per Month)

PRODUCT UNIT Capacity

Power Plant Thermal 15/18 MW

Furnace Oil 9.07 MW

Dyeing** Fiber & Yarn 1,200 MT*

Spinning BSL 70,036 Spindles

BFL 59,208 Spindles

AIRJET 736 Spindles

WORSTED 14,400 Spindles

Weaving TOSHCO 130 Looms

BJF 92 Looms

JAQUARD 20 Looms

CARREMAN - JV 77 Looms

Fabric Processing BTM 5 Million Mtr*

Home Textile MADE-UPS 12,500 Sets*

Garments DAMAN 1,60,000 Trousers*

10,000 Jackets*

SURAT 90,000 Trousers*

** Includes 150 MT for wool dying, 150 MT for yarn dying and 900 MT for fibre dying.

INSTALLED CAPACITIES

BSL is a vertically integrated textile player engaged in manufacturing of man-made synthetic blended yarn, wool and wool mixed yarn, all typeof suiting and jacquard furnishing and technical fabrics besides production of trousers, jackets and made-ups.

We specialize in producing blends of viscose staple fibre, polyester staple fibre, acrylic staple fibre, lycra, cotton, linen and wool. We have a total production capacity of 30,000 tones of yarn per annum. It includes 28,000 tones polyester blended dyed yarns and 2000 tones wool mix yarn per annum. The Company also specializes in producing various type of fancy spun yarns

The present installed capacity is as under:-

Ring Spindles 1,29,244

Worsted Yarn Spindles 14,400

Air Jet Spindles 736

Spinning



Fabric - Weaving & Processing

We produce Hi-Quality Hi- Performance Textile wear ,technical & jacquard finished fabric for both domestic and Exports. We have 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. WE ARE “LYCRA ASSURED and Accredited”

» Specialty finishes for touch (Stain, Wrinkle, Moisture Management

etc.)

» Fire Retardant Fabric.

» Fabric Design and Development innovations.

» Laminated Technical Fabric

Shuttles-less Looms 222

Jacquard Looms 20

Fabric Processing Capacity 5 Million Meters/Month



Readymade GarmentsBanswara Garments is located in Daman and SEZ Surat. The garment units are a specialized in Trousers and Jackets production. It makes the offering of Banswara complete textile vertical. Our team will take you right from conceiving an idea for fabric to the final product ready to wear in the least possible lead-time.

These factories are equipped with a full complement of machines to be able to manufacture trousers and Jackets of the finest quality. We do all our marking and grading on a CAD system from Rich Peace. The sewing line primarily consists of Juki machines. There are automatic Welting Machines from Eagle. Curtain Felling Machines from Union Special, Eyelet Buttonhole Machines from Reece and Blind Loop Machines from Mair. The pressing is entirely from Rotondi, including leggers, toppers and side seam presses.

Jacquard made-ups 12,500 Pcs/Month

Readymade Trousers 2,50,000 Pcs/Month

Readymade Jackets 10,000 Pcs/Month




The first unit of 15/18 MW Thermal Power Plant is working satisfactorily from Sep’07. The second unit of the same Capacity is under implementation which is likely to commence commercial production from Jan’11.

First Unit of Thermal Power Plant 15/18 MW

OUR VALUED CUSTOMERS IN INDIA


OUR VALUED CUSTOMERS IN INDIA

ARVIND


OUR VALUED CUSTOMERS AROUND THE GLOBE


SHARE HOLDING PATTERN


No. Category of Shareholder Total No. of Shares % of Total Share Capital (A) Shareholding of Promoter and Promoter

Group

(i) Individuals/ Hindu Undivided Family 6348066 43.02%

(ii) Bodies Corporate 1500719 10.17%

(A) Total 7848785 53.19%

(B) Public shareholding (a) Institutions 5595 0.04% (b) Non-institutions 0 0 (i) Bodies Corporate 2902143 19.67%

(ii) Individuals - i. Individual shareholders holding nominal

share capital up to Rs. 1 lakh. 2598967 17.61%

ii. Individual shareholders holding nominal

share capital in excess of Rs. 1 lakh. 1400871 9.49%

Sub-Total (b) 6901981 46.77%

(B) Total Public Shareholding (a) +b) 6907576 46.81%

TOTAL SHARE CAPITAL (A + B) 14756361 100.00%

AS ON september 30, 2010

Company issued One Bonus Share for Two Shares held by the shareholders on the record date i.e. 18.08.2006.

DIVIDEND / BONUS HISTORY


Year Percentage2004 – 05 12%

2005 – 06 20%

2006 – 07 20%

2007 – 08 12%

2008 – 09 18%

2009 – 10 Interim Dividend2009 – 10 Final Dividend

15%20%

2010 – 11 Interim Dividend 20%

(INR in Crore)

PRODUCT WISE REVENUES FOR THE LAST 6 YEARS

PARTICULARS FY 2005-2006 FY 2006-2007 FY 2007-2008 FY 2008-2009 FY 2009-2010

FY 2010-2011 6 Month ended

Sep-10 (Unaudited)

AMT % AMT % AMT % AMT % AMT % AMT %

TOTAL INCOME 330.32 100.00 393.95 100.00 438.10 100.00 548.94 100.00 630.97 100.00 367.24 100.00

YARN 195.92 59.31 211.50 53.69 230.42 52.60 254.65 46.39 295.77 46.88 156.63 42.65

FABRICS 114.98 34.81 149.70 38.00 168.17 38.39 238.36 43.42 252.16 39.96 163.90 44.63

GARMENT 13.75 4.16 22.91 5.82 29.72 6.78 43.65 7.95 58.50 9.27 34.95 9.52

OTHERS 5.67 1.72 9.84 2.50 9.79 2.23 12.28 2.24 24.54 3.89 11.76 3.20


*Includes incentives

DOMESTIC AND EXPORT INCOME

(INR in Crore)

FINANCIAL YEAR EXPORT * DOMESTIC TOTAL

AMT % AMT % AMT %

2004-2005 160.00 60.86 102.91 39.14 262.91 100.00

2005-2006 212.18 64.23 118.14 35.77 330.32 100.00

2006-2007 256.94 65.22 137.01 34.78 393.95 100.00

2007-2008 281.52 64.26 156.58 35.74 438.10 100.00

2008-2009 366.44 66.75 182.50 33.25 548.94 100.00

2009-2010 411.13 65.16 219.84 34.84 630.97 100.00

2010-2011 (6 month) (Ended Sep-10 Unaudited)

242.99 66.17 124.25 33.83 367.24 100.00


(INR In Crores)

FINANCIAL HIGHLIGHTS – Q2FY11 RESULTS

PARTICULARS

QUARTER ENDED PERIOD ENDED

TWELVE MONTHS PERIOD ENDED

30/09/2010(Unaudited)

30/09/2009(unaudited)

30/09/2010(Unaudited)

30/09/2009(unaudited)

31/03/2010(Audited)

TOTAL INCOME 186.28 159.66 367.24 310.46 630.97

DOMESTIC 78.98 60.31 124.25 109.15 219.83 EXPORT 107.31 99.35 242.99 201.31 411.13 TOTAL 186.28 159.66 367.24 310.46 830.97

EBIDTA * 33.25 26.11 63.11 52.32 107.09 EBIDTA / TOTAL INCOME % 17.85% 16.36% 17.18% 16.85% 16.97%

EBITA * 25.06 18.61 47.05 37.35 76.35EBITA/ TOTAL INCOME %

13.45% 11.65% 12.81% 12.03% 12.10%

PBT * 14.63 10.33 26.84 20.05 43.34 PBT / TOTAL INCOME % 7.85% 6.47% 7.31% 6.46% 6.87%

PAT * 10.46 7.44 19.08 13.86 30.88 PAT / TOTAL INCOME % 5.61% 4.66% 5.20% 4.46% 4.89%

PRODUCT-WISE SALES (GROSS) YARN 83.20 81.27 156.63 147.37 295.77

CLOTH 74.71 51.34 163.90 114.91 252.16 GARMENT 20.54 18.19 34.95 31.27 58.50

OTHERS 7.83 8.86 11.76 16.91 24.54 TOTAL 186.28 159.66 367.24 310.46 630.97

EPS - Basic 7.09 5.68 13.14 10.58 23.56 - Diluted 7.09 5.04 12.93 9.39 20.92


*Including Extraordinary Item

(INR In Crores)

WORKING PERFORMANCE - LAST 4 YEARS


*Including Extraordinary Item

S.NO PARTICULARS F/Y 2006-2007 F/Y 2007-2008 F/Y 2008-2009 F/Y 2009-2010

1 TOTAL INCOME 393.95 438.10 548.94 630.97

2 EXPORTS (Incl. Export Benefits 256.94 281.52 366.44 411.13

3 EBIDTA* 56.85 51.20 73.92 107.09

EBIDTA / TOTAL INCOME % 14.43% 11.69% 13.47% 16.97%

4 EBITA* 40.59 29.40 44.54 76.35

EBITA / TOTAL INCOME % 10.30% 6.71% 8.11% 12.10%

5 PBT * 22.78 5.67 11.29 43.34

PBT / TOTAL INCOME % 5.78% 1.29% 2.06% 6.87%

6 PAT * 14.94 4.42 9.59 30.88

PAT / TOTAL INCOME % 3.79% 1.01% 1.75% 4.89%

7 GROSS FIXED ASSETS 339.49 434.33 475.29 535.17

8 EQUITY SHARE CAPITAL 12.51 13.08 13.08 13.08

9 PREFERENCE SHARE CAPITAL 1.73 1.73 1.73 1.73

10 RESERVES & SURPLUS 64.63 69.45 76.22 101.31

11 NET WORTH (Excluding DTL) 77.14 82.53 89.31 114.39

12 DIVIDEND % 20.00% 12.00% 18.00% 15.00% (Interim)20.00% Final

13 ISSUE OF BONUS SHARES (Bonus: Equity Share) 01:02 - - -

14 BOOK VALUE PER SHARE (Rs.) 61.5 62.97 68.14 87.45

15 EARNING PER SHARE -Basic (Rs.) 12.02 3.34 7.29 23.56

-Diluted (Rs.) 11.39 3.34 6.47 20.92


BANSWARA SHARE PRICE V/S BSE SENSEX


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

Year Category

1996-97 Second Best Overall Export Performance

1997-98 Best Export Performance in the category of Acrylic yarn

1998-99 Third Best Overall Export Performance

1999-00 Best Export Performance in the category of Man-Made Fibre Blended Fabrics

2001-02 Fifth Highest Overall Export Performance in Synthetic & Rayon Textiles

2001-02 Highest Export Performance in Acrylic Yarn

2001-02 Highest Export Performance in Polyester Spun Fabrics

2001-02 Highest Export Performance in Man-Made Fibre Blended Fabrics

2002-03 Best Export Performance in Polyester Spun Fabrics

2002-03 Best Export Performance in Man-made Fibre Blended Fabrics

2003-04 Fourth Best Overall Export Performance in Synthetic & Rayon Textiles

2003-04 Best Export Performance in Man-Made Fibre Blended Fabrics

2004-05 Best Export Performance in Man-Made Fibre Blended Fabrics

2005-06 Highest Export Performance in Man Made Fibre Blended Fabrics



STATUS OF THE PROJECTS UNDERTAKEN :-


(A) Project under implementation:-

a) Expansion, modernization and diversification project in textiles (Total Capital Cost Rs.60 Crores – Term Loan Sanctioned Rs. 48 Crores under TUF)

This phase of expansion, modernization and diversification in textiles, spinning, dyeing, weaving, fabric processing and readymade garments have been completed in March 2010.

b) 2nd Unit of 15/18 MW Captive Thermal Power Plant (Total Capital Cost Rs.50 Crores – Term Loan Sanctioned Rs. 30 Crores)

The company has already placed the orders for all major parts/equipments like Turbine, Boiler, Water Softening Plant, construction contractors etc. The capital cost of the project at Rs.50 crores is less than Rs.3 Crores per MW. The commercial production will start from January 2011. The power generation through this Thermal Power Plant is mainly for internal consumption, however, if found surplus will be available for sale. The profit from this unit will be eligible for Tax holiday benefit for 10 years.

(B) Further expansion and modernization project in textiles (Total capital cost Rs.40 Crores – Under TUF)

The Board has approved further expansion and modernization in all the areas of its operation. It will add 7000 spindles, 64 looms, 12 lacs meters additional per month processing capacity, 1 suit line and 2 trouser lines in garmenting besides replacement of 24 looms. This project will be completed by October, 2010.

• Global textiles trade increased to US$ 583 bn in 2007 from US$ 334 bn in 1999 - CAGR of 7%

• Global trade expected to grow to US$ 650 bn in 2010

• India bound to be key beneficiary of global textile trade due to

– strong knowledge and capacity base,

– competitive advantage of raw material,

– unique strength in traditional handlooms & handicrafts &

– A growing domestic demand

• India market share of 4%, while China market share of 33% demonstrates tremendous scope for growth

Textile basic need of every individual - Industry bound to subsist up to perpetuity & to grow with overall growth in GDP & per capita income

GLOBAL TEXTILE INDUSTRY


219 238 260 300

311 345 390505

0200400600800

1000

2006 2007 2010 2015

USD

Bn

Year

Expected Growth World Trade

Apparel Textile

INVESTMENT CONSIDERATION

1. Rising Value Addition

BSL is country’s one of biggest integrated textile manufacturer. We produce 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. Our monthly production of this category of fabric 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. It also commenced the production of technical textiles.

BSL is also leader in new product development of yarn and fabrics. It has latest technology machines and testing laboratory.

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. Its turnover is increasing almost 20% every year.

3. Opening up of New Markets

Key Customers of the company are gradually finding their operations in the developed markets unviable and shifting their business to BSL. It has added many new customers of repute and size in last couple of years.

4. Consistent profits

BSL is amongst the few companies, which stained 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.


MAJOR MILESTONES IN THE LAST 3 YEARS(Contd….)


Commencement of commercial production of

15/18 MW captive thermal power plant.

Garment Unit at SEZ Surat.

Jackets at Garment factory at Daman

Commencement of trial production of furnishing fabrics in Jacquard Weaving Division.

The Company discontinued the labour job spinning contract with Banswara Fabrics Limited and taken over the workforce of BFL on its rolls.

2007-08

MAJOR MILESTONES IN THE LAST 3 YEARS (Contd….)


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.

2008-09


MAJOR MILESTONES IN THE LAST 3 YEARS (Contd….)

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 27th 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 2nd 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.

2009-10


CORPORATE SOCIAL ENDEAVOURS

“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. 1000 sq. ft. each, total built up are 19000 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)

ADDRESS

Plant For Spinning/Weaving/Processing Capacity for

production of yarn, fabric and Made-ups at :-

Industrial Area, Dahod Road, Banswara -327 001 (Raj)Phone : +91-2962-257676-681Fax : +91-2962-240692

For Readymade Garments (Trousers & Jackets) at:

98/3, Village Kadaiya, Nani Daman, Daman – 396210 (U.T.)

Survey No. 713/1, 713/2, 713/3, 725/2 & 725/1, Village Dabhel, Nani Daman, Daman-394 215 (U.T.)

Survey No 722/9Village Dabhel, Nani DamanDaman-394215 (U.T.)

Plot No. 5-6, G.I.D.C., Apparel Park, SEZ Sachin, Surat – 394 230 (Gujarat)


Offices Registered Office

Industrial Area, Dahod Road, Banswara -327 001 (Raj)Phone : +91-2962-257676-681Fax : +91-2962-240692

Head/Marketing Office

5th Floor, Gopal Bhawan, 199, Princess Street, Mumbai – 02Phone : (022) 66336571-75Fax : (022) 22064486

Delhi Office

Flat No. 204, E-2, A.R.A. Centre, Jhandewalan Extn., Delhi-55Phone : (011) 23676124, 23676948

Administrative Block Thermal Power Plant

Spinning Unit Surat SEZ Unit

Design Studio Quality Testing Laboratory

Finished Fabric Inspection Three Layer-Technical Fabric

For further details, please contact:

Mr. J. K. JainSr. V. P. (F&C) & Company Secretary

Banswara Syntex Limited

Email: [email protected] : www.banswarasyntex.com Phone : +91-2962-257676-681 (Ext. 4304)Fax : +91-2962-240692

mailto:[email protected]

http://www.banswarasyntex.com/

banswara syntex limited investors update october 2010

Documents

us banswara syntex

public limited company

joint sector company

french company carreman

export excellence

net worth rs

toshniwal chairman

dtl rs