Notes to Accounts of Seasons Furnishings Ltd.

Mar 31, 2015

NOTE 1: CORPORATE INFORMATION

Seasons Furnishing Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Trading of Furnishing Fabrics and other Lifestyle Products.

NOTE 2 : OTHER NOTES ON ACCOUNTS

a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-

Contingent Liabilities

a) Claim against the company not acknowledged as debts- NIL

b) Contingent Liabilities not provided for in respect of Corporate Guarantee given by the Company to Canara Bank amounting to Rs.712 lacs (Previous year Rs.557.00 lacs) in respect ofloansgiven by the Bank to Seasons Textiles Ltd.

Commitments

(a) Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL

c) All the known liabilities have been provided for and there are no disputed liabilities as confirmed by the directors

d) Wherever the balance confirmation is not available from the parties, the balances as appearing in the books of account have been considered.

e) Profit & Loss account includes remuneration to Auditors as given below:

f. Capital work in progress includes advances for expansion projects/modification of existing Projects and purchase of assets.

g. Related Party Disclosures:

Disclosure as required by the Accounting Standard- 18 "Related Party Disclosures" are given below:

1) List of Related parties

Associate Companies : Seasons Textiles Ltd, Seasons Lifestyle Pvt. Ltd.

Key Management personnel : Inderjeet S Wadhwa and Mandeep S Wadhwa

Relatives : Tej Kaur, Manjit Kaur Wadhwa,

Other Related Parties : S-9 Home Pvt Ltd., Walnut Furnishings Pvt. Ltd.

h. Segmental Information:-

The Company has only one business segment of trading of Furnishing Fabrics. The company operates its business from India. Therefore, there is only one business and geographical segment.

i. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding, Principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, Interest paid during the year and Interest payable/accrued/unpaid at the end of the accounting year, has not been provided.

j. In the opinion of the management, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

k. In terms of 'Accounting Standard (AS) 28', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value estimated future cash flows is higher than its carrying value.

l. Tour and Travelling Expenses include Rs.7, 10,436/-(Previous Year- Rs.7, 96,863/-) on account of Directors.

m. Cash Flow Statement:

The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31,2015 and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountant of India.

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Mar 31, 2014

NOTE 1: CORPORATE INFORMATION

Seasons Furnishing Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Trading of Furnishing Fabrics and other Lifestyle Products.

2. a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-

Contingent Liabilities

a) Claim against the company not acknowledged as debts- NIL

b) Contingent Liabilities not provided for in respect of Corporate Guarantee given by the Company to Canara Bank amounting to Rs.557.00 lacs (Previous year Rs.575.88 lacs) in respect of loans given by the Bank to Seasons Textiles Ltd.

Commitments

(a) Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL

c) All the known liabilities have been provided for and there are no disputed liabilities as confirmed by the directors

d) Wherever the balance confirmation is not available from the parties, the balances as appearing in the books of account have been considered.

e) Profit & Loss account includes remuneration to Auditors as given below:

g. Capital work in progress includes advances for expansion projects/modification of existing Projects and purchase of assets.

j. Segmental Information:-

The Company has only one business segment of trading of Furnishing Fabrics. The company operates its business from India.Therefore, there is only one business and geographical segment.

l. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding, principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, interest paid during the year and interest payable/accrued/unpaid at the end of the accounting year, has not been provided.

m. In the opinion of the management, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

n. In terms of ''Accounting Standard (AS) 28'', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value of estimated future cash flows is higher than its carrying value.

o. There was a fire within the Company''s premises on 16th September, 2013 which destroyed in addition to Fixed Assets most of the Physical Books of Accounts and records including all the Vouchers and supporting documents of the current financial year as well as of the earlier financial years. However, since server of the computer systems being located at a different place was fully safe, the soft data of all financial transactions and books and other records could be fully recovered. Accordingly most of the physical records which were destroyed were regenerated from internal sources and few duplicate records were obtained from external parties.

p. Tour and Travelling Expenses include Rs.7,96,863/- (Previous Year- Rs.3,43,038/-) on account of Directors.

t. Cash Flow Statement:

The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31,2014 and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountant of India.

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Mar 31, 2013

NOTE 1: CORPORATE INFORMATION

Seasons Furnishing Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Trading of Furnishing Fabrics and other Lifestyle Products.

a. Previous year figures have been re-arranged and regrouped to make it comparable with thecurrent year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-

Contingent Liabilities

a) Claim against the company not acknowledged as debts- NIL

b) Contingent Liabilities not provided for in respect of Corporate Guarantee given by the Company to Canara Bank amounting to Rs.575.88 lacs (Previous year Rs.575.88 lacs) in respect ofloansgiven by the Bank to Seasons Textiles Ltd.

Commitments

a) Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL

c. All the known liabilities have been provided for and there are no disputed liabilities as confirmed by the Directors.

d. Wherever the balance confirmation is not available from the parties, the balances as appearing in the books of account have been considered.

e. Profit & Loss account includes remuneration to Auditors as given below:

f. Capital work in progress includes advances for expansion projects/modification of existing Projects and purchase of assets.

g. Related Party Disclosures:

Disclosure as required by the Accounting Standard– 18 "Related Party Disclosures" are given below:

h) List of Related Parties

Associate Companies: Seasons Textiles Ltd, Seasons Lifestyle Pvt. Ltd.

Key management personnel and relatives : Mandeep S Wadhwa

Relatives: Inderjeet S Wadhwa Tej Kaur, Jasmer Singh Wadhwa, Manjit Kaur Wadhwa,

i. Segmental Information:-

The Company has only one business segment of Textiles only. The company operates its business from India.Therefore, there is only one business and geographical segment.

j. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding, Principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, Interest paid during the year and Interest payable/accrued/unpaid at the end of the accounting year, has not been provided.

k. In the opinion of the management, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

l. In terms of ''Accounting Standard (AS) 28'', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value of estimated future cash flows is higher than its carrying value.

m. Tour and Travelling Expenses include Rs.3, 43,038/-(Previous Year- Rs.5, 78,803/-) on account of Directors.

n. Cash Flow Statement:

The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31, 2013 and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountant of India.

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Mar 31, 2011

1. The closing stock have been physically taken, valued and certified by the management. 2. Instalments Paid within the year to Banks and NBFCs Rs. 1,48,34,140/- (Previous year – Rs. 2,17,71,026/-)

3. Deferred Revenue Expenditure of Rs.65,56,375/-(previous year Rs. 65,56,375/-) has been amortized during the year.

4. In compliance of As-11 and accounting policy, the foreign exchange transaction in respect to purchase of material have been accounted for on the basis of exchange rate applied by custom authorities prevailing on the date of bill of entry.

5. Previous Year figures have been re-arranged, re-grouped and recasted where every necessary to conform to this year's presentation.

6. Expenditure In Foreign Currency:-

Foreign Travelling – Rs.5.85 Lacs (Previous year – Rs. 3.83 lacs)

7. Value of Import on CIF Basis

Purchase of Fabrics Rs.360.65 Lacs (Previous Year Rs. 222.53 Lacs)

8. Earning in Foreign Currency: Rs.99.84 (Lacs) (Previous Year Rs. 0.00.)

9. Contingent Liabilities:

Contingent Liabilities not provided for in respect of guarantee given by the company to Canara Bank amounting to Rs.575.88 lacs (Previous year Rs.575.88 lacs) in respect of loans to Seasons Textiles Ltd.

10. Capital work in progress includes advances for expansion projects/modification of existing Projects and purchase of assets.

11. Various debit and credit balances appearing in the various heads remain unconfirmed by the respective parties. Necessary adjustment, if any, will be made in the books of account as and when the statements of account/balance confirmation are received from the parties. 12. Related Party Disclosures

Disclosure as required by the Accounting Standard– 18 "Related Party Disclosures" are given below

1) List of Related parties

2) Associate Companies : Seasons Textiles Ltd

Key Management personnel : Inderjeet S Wadhwa and Mandeep S Wadhwa

Relatives : Tej Kaur,

13. In terms of AS-28 and as certified by the management, there is no impairment of Fixed Assets of the Company

14. Deferred Tax:

In accordance with AS – 22, the deferred tax Assets (on account of timing difference) for the current year amounting to Rs. 2.41 lacs (Previous year Deferred Tax Liability Rs. 6.04 Lacs) has been created and accordingly credited in the Profit & Loss Account.

15. As per information available with the company and explained by the Management there was no small scale industrial undertakings as defined under section 3 (j) of the Industries (Development & Regulation) Act, 1951 to whom the Company owe any sum together with interest outstanding for more than 45 days.

16. Segmental Information: -

The Company has one business segment of Textiles only. The company operates in business from India, therefore, there is only one business and geographical segment.

As per our Separate Report of even date as annexed hereto.

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Mar 31, 2010

1. Sundry Debtors, Sundry Creditors and loans & advances are subject to confirmation from the respective parties.

2. Installments Paid within the year to Banks and NBFCs RS 2,17,71,026/- (Previous year - RS 95,49,397/-)

3. Deferred Revenue Expenditure of RS 65,56,375/- (previous year RS 29,27,189/-) has been amortized during the year.

4. In compliance of AS-11 and accounting policy, the foreign exchange transaction in respect to purchase of material have been accounted for on the basis of exchange rate applied by custom authorities prevailing on the date of bill of entry .

5. Previous Year figures have been re-arranged and re-grouped wherever necessary.

6. EXPENDITURE IN FOREIGN CURRENCY :-

Foreign Travelling - RS 3.83 Lacs (Previous year - RS 3.81 Lacs)

7. VALUE OF IMPORT ON CIF BASIS

Purchase of Fabrics RS 222.53 Lacs (Previous Year RS 231.54 Lacs)

8. EARNING IN FOREIGN CURRENCY: RS 0.00(Lacs) (Previous Year RS 20.72.)

9. CONTINGENT LIABILITIES:

Contingent Liabilities not provided for in respect of guarantee given by the company to Canara Bank amounting to RS 575.88 Lacs (Previous year RS 800 Lacs) in respect of loans to Seasons Textiles Ltd.

10. Capital work in progress includes advances for expansion projects/modification of existing Projects and purchase of assets.

11. The Company has not raised any money by public issue during the year.

12. Related Party Disclosures:

Disclosure as required by the Accounting Standard (AS) - 18 "Related Party Disclosures" are given below:

1) List of Related parties

2) Associate Companies : Seasons Textiles Ltd

Key Management personnel : Inderjeet S Wadhwa and Mandeep S Wadhwa Relatives : Tej Kaur,

13. In terms of AS-28 and as certified by the management, there is no impairment of Fixed Assets of the Company.

14. Deferred Tax:

In accordance with AS - 22, the deferred tax liability (on account of timing difference) for the current year amounting to RS 6.04 lacs (Previous year RS 18.25 Lacs) has been Created and accordingly charged to Profit & Loss Account.

15. As per information available with the company and explained by the Management there was no small scale industrial undertakings as defined under section 3 (j) of the Industries (Development & Regulation) Act, 1951 to whom the Company owe any sum together with interest outstanding for more than 30 days.

16. Additional information required by Para 3 to (4D) of Part 2 of Schedule VI to the Companies Act, 1956 is as under Note : Quantitative break up for sales are given for items, which individually in value are more than 10% of total sales