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Notes to Accounts of Yarn Syndicate Ltd.

Mar 31, 2014

1 There is no movement in the number of shares outstanding at the beginning and at the end of the reporting period.

2 Out of the above issued shares, the company has only one class of equity shares having a par value of Rs. 10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

3 38 instalments due @ Rs.96,950 per month ( 50 instalments due @ Rs.96,950) as on 31.03.2014

4 05 intalments due @ Rs.83,835 per month (17 instalments due @ Rs.83835) as on 31.03.2014

5 To the extent information available, there are no parties covered under Micro, Small and medium Enterprise Development Act, 2006.

6 Trade Receivables of Rs. 1,73,01,387 (Net of ECGC Claim Rs.4,792,846) (Previous year Rs. 1,73,01,387) due from certain overseas buyers. Such balances have not been realigned at the year end rate. In the opinion of the management, these will be recovered in due course and as such no provision is considered necessary in this respect. These balances are subject to confirmation.

7 Advance includes Rs.9,43,831 (P.Y. Rs. 4,35,181) recoverable from one of the directors. As agreed,the amount is adjustible against loan taken from directors from 1st April''2014.

8 Certain Fixed assets amounting to Rs.328,675 (Previous year Rs.328,675) have been discarded on retiring from their active use and shown under the head inventories. In the absence of determination of their realisable value, these have been recorded at book value. In the opinion of the management the realisable value will not be lower than the book value. Necessary adjustments, if any will be carried on disposal of the same.

9 Represents profit on sale of office premises situated at Mumbai, which has been sold during the year for Rs. 1,69,00,000.

10 Contingent Liablities (to the extent not provided for) : Rs. NIL(Previous Year Rs. NIL)

Defined Benefit Scheme

The Company has defined benefit plan comprising of gratuity. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit (PUC) actuarial Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

11 Related Party Disclosure

i) Related Party Disclosure as required by Accounting Standerd 18 "Related Party Disclosure " as specified in the Companies (Accounting Standard) Rules, 2006 prescribed by Central Govt. are as follows :

a) Key Management Personnel : Smt. Sheela Patodia - Chairperson & Managing Director Sri Rishi Raj Patodia - Joint Managing Director

b) Relative of Key Management Personnel : NIL

c) Enterprises where Key Management Personnel & their relatives exercise

significant influence : Y S Exports Limited

12 a) Loans/ intercorporate deposits includes Rs.6,775732 (previous year Rs.7,025732) given to a company, which was overdue but started coming from last year. b) Certain balances included in security deposits, advances, etc. amounting to Rs.38,93,228(Previous year Rs.45,45,629) are lying unmoved for a considerable period.

13 Balances of Trade Receivable(note 14 & 12), Trade payable(note 7), Security Deposits and Other Deposits & Advances(note 11 & 16), Other Liabilities, are subject to Confirmations/ reconciliations and consequential adjustments, if any, arising therefrom. Accordingly, the year end shortfall or otherwise, if any, as may pertain to these balances, are presently not ascertainable.

14 The Board is of the opinion that the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

15 Previous year figures are rergoruped/ reclassified whereever necessary to confirm to this year''s classification


Mar 31, 2013

Note 1

COMMITMENT :

Contingent Liability not Provided for:

Outstanding Bills Purchased/Discounted for Rs. NIL (Previous Year Rs. 10,168).

Note 2

The company operates only in one business segment viz. exporting yam and fabric and other actvities are incidental thereto. The geographical Segments of the Company mainly comprise of the export to various countries.

Note 3

a) Loans/ intercorporate deposits includes Rs.7,026 (previous year share Rs.7,126) given to a company, which was overdue but started coming during the year. t

b) Certain balances included in security deposits, advances, etc. amounting to Rs. 4,546 (Previous year Rs. 7,438) are lying unmoved for a considerable period.

Note 4

Related party disclosure as identified by the Management in accordance with the Accounting Standard

(AS-18) is as follows:-

A) List of related parties:

I. Parties where control exists - NIL.

II. Other parties with whom the Company has entered into transactions during the year.

a) Key Management Personnel and their relatives: SmLSheela Patodia Chairperson & Managing Director Sri Rishi Raj Patodia - Joint Managing Director

b) Group/Associates Companies:

I) Enterprise having common Director/Management personnel - NIL

c) Firm In which Directors have substantial Interest: NIL

1. There are no outstanding balances in respect of the above parties.

2. In respect of above parties, there is no provision for doubtful debts as on 31st March 2013 and no amount has been written off or written back during the year in respect of debts due from / to them.

3. The above related party information is as identified by the management and relied upon by the auditor.

Notes

Rgures are given in rupees and accordingly rounded off to nearest ten.

Note 5

Previous years'' figures have been regrouped and/or rearranged wherever considered necessary.

Notes:

1) The above Cash Bow Statement has been compiled/prepared based on the audited accounts. of the Company under the "Indirect Method" as set out in Accounting Standard -3 on Cash Row Statements.

2) Previous Years figures have been regrouped/ rearranged wherever necessary.

3) Cash and Bank equivalent includes RsJUL (Previous year Rs.4,593) in fixed deposit accounts.

4) Cash and Bank equivalent includes Rs.NIL (Previous year Rs.8,892) in cut back deposit accounts arising out of export proceeds & pledged.


Mar 31, 2012

Note 1 : FIXED ASSETS

PARTICULARS

GROSS BLOCK (AT COST)

As on Addition Sales/ad- Total 01.04.11 during justment as on the year during 31.03.12 the year

FREEHOLD LAND 620,000.00 – – 620,000.00 BUILDING* 16,350,987.00 – – 16,350,987.00

OFFICE APPLIANCE & OTHER EQUIPMENTS 5,354,355.40 135,142.00 228,390.00 5,261,107.40

COMPUTER 2,287,265.42 45,170.00 – 2,332,435.42

FURNITURE & FITTINGS 2,406,126.78 97,137.00 – 2,503,263.78

VEHICLES 11,697,640.67 8,866,111.00 6,656,116.97 13,907,634.70 TOTAL :

38,716,375.27 9,143,560.00 6,884,506.97 40,975,428.30

PREVIOUS YEAR :

36,716,912.27 2,939,724.00 940,261.00 38,716,375.27

DEPRECIATION BLOCK PARTICULAR

Upto For the Deduction Total 31.03.11 year for sales ason amount adjustment 31.03.12



FREEHOLD LAND – – – – BUILDING* – 11,805,652.00 454,534.00 12,260,186.00

OFFICE APPLIANCE & OTHER EQUIPMENTS 4,048,967.65 218,131.00 217,229.00 4,049,869.65

COMPUTER – 2,211,838.15 74,109.00 2,285,947.15

FURNITURE & FITTINGS –

2,055,950.78 80,964.00 2,136,914.78

VEHICLES

5,586,840.70 3,136,472.00 3,793,811.97 4,929,500.73

TOTAL :

25,709,249.28 3,964,210.00 4,011,040.97 25,662,418.31

PREVIOUS YEAR :

23,375,116.28 3,064,194.00 730,061.00 25,709,249.28

PARTICULAR NET BLOCK As As 31.03.12 31.03.11 FREEHOLD LAND 620,000.00 620,000.00

BUILDING* 4,090,801.00 4,545,335.00

OFFICE APPLIANCE & OTHER EQUIPMENTS 1,211,237.75 1,305,387.75

COMPUTER 46,488.27 75,427.27

FURNITURE & FITTINGS 366,349.00 350,176.00

VEHICLES 8,978,133.97 6,110,799.97

TOTAL :

15,313,009.99 13,007,125.99

PREVIOUS YEAR :

13,007,125.99 13,341,795.99

* Includes 20 shares (Previous year 20 shares) of Rs. 50/- each (Total face value Rs.1,000/-) fully paid up issued by Maker Bhavan No.II Premises Co- operative Society Limited at Mumbai.

1. Impairment in the carrying value of the fixed assets as at the balance sheet date has not been ascertained, pending detailed review and technical evaluation in this respect. The company intends to get the said review carried by independent valuer / consultant and adjustment, if any will then be made in the accounts.

Employees Benefits :

The disclosures required under Accounting Standard 15 "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006 (AS-15), are given below:

(i) "Defined Contribution Scheme" - Contribution to Defined Contribution Plan, recognized for the year are as under:

Employer's Contribution to Provident Fund 3,80,760 (Previous year 3,10,552/-) Employer's Contribution to Pension Fund Rs. 85,693 (Previous year Rs. 1,09,016/-)

(ii) "Defined Benefit Scheme" - The employee's gratuity fund scheme managed by Towers Watson is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit (PUC) actuarial Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Note 2

COMMITMENT :

Contingent Liability not Provided for :

Outstanding Bills Purchased/Discounted for Rs.10,168 (Previous Year Rs.27,031).

Note 3

The company operates only in one business segment viz. exporting yarn and fabric and other activities are incidental thereto. The geographical Segments of the Company mainly comprise of the export to various countries.

Note 4

a) Loans/ intercorporate deposits includes Rs.7126 (previous year share Rs.7,126) given to a company, which is overdue

b) Certain balances included in security deposits, advances, etc. amounting to Rs.7,438 (Previous year Rs. 8,983) are lying unmoved for a considerable period.

Note 5

Related party disclosure as identified by the Management in accordance with the Accounting Standard (AS-18) is as follows:- A) List of related parties:

I. Parties where control exists – NIL.

II. Other parties with whom the Company has entered into transactions during the year. a) Key Management Personnel and their relatives:

Smt.Sheela Patodia - Chairperson & Managing Director w.e.f. 01.04.2011

Sri Rishi Raj Patodia - Executive Director till 31.03.2011 & Joint Managing Director w.e.f. 01.04.2011

b) Group/Associates Companies: i) Enterprise having common Director/Management personnel -- NIL

c) Firm in which Directors have substantial interest: M/s. B.M.Bagaria & Co.(Mr.K.P.Bagaria resigned w.e.f.03.09.2011)

Note 6

Figures are given in thousand and accordingly rounded to nearest thousand.

Note 7

Previous years' figures have been regrouped and/or rearranged wherever considered necessary.

Notes :

1) The above Cash Flow Statement has been compiled/prepared based on the audited accounts of the Company under the "Indirect Method" as set out in Accounting Standard -3 on Cash Flow Statements.

2) Previous Years figures have been regrouped/ rearranged wherever necessary.

3) Cash and Bank equivalent includes Rs.4,593 (Previous year Rs.4,289) in fixed deposit accounts.

4) Cash and Bank equivalent includes Rs.8,892 (Previous year Rs.7,741) in cut back deposit accounts arising out of export proceeds & pledged.


Mar 31, 2010

1. Contingent Liability not Provided for :

Outstanding Bills Purchased/Discounted for Rs.52,620 (Previous Year Rs. 16,570).

2. Impairment in the carrying value of the fixed assets as at the balance sheet date has not been ascertained, pending detailed review and technical evaluation in this respect. The company intends to get the said review carried by independent valuer / consultant and adjustment, if any will then be made in the accounts.

3. Sundry Debtors over six months include Rs.10,021(Net of ECGC Claim Rs.4,792) (Previous year Rs. 10,021) outstanding from certain overseas buyers for a considerable period. Such balances have not been realigned at the year end rate. In the opinion of the management, these will be recovered in due course and as such no provision is considered necessary in this respect.

4. Balance of Debtors, Creditors, certain Bank balances, Loans and Advances etc. are subject to confirmation and reconciliation with respective parties.

5. (a) Loans/Inter corporate deposits include Rs.7,126 (including interest Rs.764) (Previous year Rs.6,362) given to companies, which is overdue.

(b) Certain balances included in advance to others, sundry deposits, tax deducted at source, etc.amounting to Rs.6503 are lying unmoved for a considerable period.

Pending outcome of the steps being taken by the management, the above balances are considered to be fully realisable.

6. In accordance with Accounting Standard 22 "Accounting for Taxes on Income" the company has accounted for deferred Tax. The company has carry forward losses and unabsorbed depreciation which has not been recognized in the absence of virtual certainty of reversal of such assets.

7. The Company is in the process of compiling information with regard to suppliers covered under Micro, Small and Medium Enterprise Development Act, 2006. To the extent identified, the Company has no information from the suppliers under the Act and accordingly the disclosure as required in Section 22 of the said Act could not be given in these accounts.

8. Defined contribution scheme 2009-10 2008-09

Employers contribution to provident fund 392.00 337.00

Defined benefit Scheme

The employees gratuity fund scheme/pension fund scheme is a defined benefit plan managed by a Trust. The present value of obligation is determined based on actuarial valuation using the projected unit Credit, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

9. Difference in Foreign Exchange includes Rs. 1,020 net-Profit (Previous Year Rs. 5,043 net loss) on account of cancellation of forward exchange contract.

10. The company operates only in one business segment viz. exporting yam and other activities are incidental thereto. The geographical Segments of the company mainly comprise of the export to various countries.

11. Certain Fixed assets amounting to Rs.329 (Previous year Rs.329) have been discarded on retiring from their active use and shown under the head inventories. In the absence of determination of their realisable value, these have been recorded at book value. In the opinion of the management the realisable value will not be lower than the book value. Necessary adjustments, if any will be carried on disposal of the same.

12. Related party disclosure as identified by the Management in accordance with the Accounting Standard (AS-18) is as follows :

A) List of related parties :

I. Parties where control exists - NIL.

II. Other parties with whom the Company has entered into transactions during the year.

a) Key Management Personnel and their relatives.

Sri R. K.Patodia - Chairman and Managing Director Sri Rishi Raj Patodia - Executive Director

b) Group/Associates Companies.

i) Enterprise having common Director / Management personnel Madanla Brijjal (P) Ltd.

c) Firm in which Directors have substantial interest M/s. B. M. Bagaria & Co.

13. Figures are given in thousand and accordingly rounded to nearest thousand

14. Previous years figures have been regrouped and/or rearranged wherever considered necessary.

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