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Notes to Accounts of York Exports Ltd.

Mar 31, 2014

1. Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.11.55,000/- ( Previous year- Rs.11,55,000/- )

2. Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

3. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classification / disclosure.

4. Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs have already been received.


Mar 31, 2013

1.1 Detail of security for term loans borrowings

Term Loans borrowings from SIDBI is secured by way of hypothecation of machinery & first charge by way of equitable mortgage of Land & Building measuring 357.77 sq. yards situated at ludhiana.

by way of equitable mortgage of Land & Building measuring 357.77 sq. yards situated at ludhiana.

Term Loans borrowings from HDFC Bank Ltd. is secured by way of hypothecation by way of first charge on plant & machinery

Terms of repayment of Term Loans

Term Loans borrowings from SIDBI are repayable in 72 installments of Rs. 219490/- each and carries interest @ 9.75% P.A. and the last repayment is due on dated 09/06/2016

Term Loans borrowings from HDFC Bank Ltd. are repayable in 63 installments of Rs. 86,568/- each and carries interest @ 11.75% P.A. and the last repayment is due on dated 07/06/2016

1.2 Detail of security for working capital borrowings

Working capital borrowings from banks are secured against hypothecation by way of first charge on company''s stock, book debts and plant & machinery.

Terms of repayment of loans repayable on demand

Working capital borrowings from banks are repayable on demand and carries interest @ 10% to 13.30% as may be communicated by the bank from time to time Term loans borrowings are repayable in suitable installments From Related parties carries interest @ 6% P.A.

2 Balances with bank includes deposits amounting to Rs. 46,55,000/- (Previous year Rs.11,55,000/-) which have original maturity period of more than 12 months.

3 Fixed deposits amounting to Rs. 11,55000/- (Previous year Rs. 11,55,000/-) are under lien of the bank for guarantees given to the President of India through Asset Commissioner of Customs, Ludhiana on behalf of the company.

4 Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.11,55,000/- (Previous year- Rs.11,55,000/-)

5 Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

6 Previous year''s figures have been regrouped I reclassified wherever necessary to correspond with current year''s classification / disclosure.

7 Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs have already been received.


Mar 31, 2012

1.1 Detail of security for term loans borrowings

Term Loans borrowings from SIDBI is secured by way of hypothecation of machinery & first charge by way of equitable mortgage of Land & Building measuring 357.77 sq.yards situated at ludhiana. Term Loans borrowings from HDFC Bank Ltd. is secured by way of hypothecation by way of first charge on plant & machinery

Terms of repayment of Term Loans

Term Loans borrowings from SIDBI are repayable in 72 instalments of Rs. 219490/- each and carries interest @ 9.75% P.A. and the last repayment is due on dated 09/06/2016

Term Loans borrowings from HDFC Bank Ltd. are repayable in 63 instalments of Rs. 86,568/- each and carries interest @11.75% P.A. and the last repayment is due on dated 07/06/2016

2.1 Detail of security for working capital borrowings

Working capital borrowings from banks are secured against hypothecation by way of first charge on company''s stock, book debts and plant & machinery.

Terms of repayment of loans repayable on demand

Working capital borrowings from banks are repayable on demand and carries interest @ 10% to 13.30% as riiay be communicated by the bank from time to time Term loans borrowings are repayable in suitable instalments From Related parties carries interest @ 6% P.A.

3.1 Balances with bank includes deposits amounting to Rs. 11,55,000/- (Previous year Rs. 13,85,000/-) which have original maturity period of more than 12 months.

3.2 Fixed deposits amounting to Rs. 11,55000/- (Previous year Rs. 13,85,000/-) are under lien of the bank for guarantees given to the President of India through Asstt. Commissioner of Customs, Ludhiana on behalf of the company.

4 Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.11,55,000/- ( Previous year- Rs. 13,85,000/-)

5 Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

6 The Revised Schedule VI has become affective from 1st April 2012 for preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classification / disclosure.

7 Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs have already been received.


Mar 31, 2011

1. Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs. 13,85,000/- ( Previous year- Rs. 13,85,000/-)

2. Investment & Loans & Advances includes amount due from:

a) The Companies in which Managing Director is interested as a Director. York Oil & Fats Pvt. Ltd. Share Application Money Rs. 42, 11,560/- (Previous year Rs. 42, 11,560/-)

3. Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

4. Previous year figures have been regrouped / recanted wherever necessary to make them comparable with current year.

6. The amount of Insurance claims received during the year has been credited to respective heads of expenditure.

7. Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cherub for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act and the matter is subjudice. Out of loan of Rs. 25 Lacs, Rs. 8.50 Lacs have already been received.

8. The arrears of depreciation not provided for amounting to Rs.6,35,014/- pertains to the year ended 31-03-97.

9. No provision has been made for Income-Tax demand of assessment year 1994-1995 Amounting to Rs. 33,12,490/- as the same is being disputed by the company in appeal, in Delhi High Court.

10. Taxes on Income

(a) Deferred Taxes:- However, in view of present uncertainty regarding generation of sufficient future income, net deferred tax assets as at the yearend including related credits/charge for the year have not been recognized on prudent basis.

(b) Current Taxes. Provision for Current tax has been made according to the normal provisions of the Income Tax Act, 1961 which includes education cess.

12. There are no dues of Micro and Small Enterprises as at 31s,.March, 2011.This information is required to be disclosed under Micro Small & Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the company.

13. Additional information pursuant to the provisions of paragraph 3, 4, 4C and 4D of Part II and part IV of Schedule VI to the Companies Act, 1956 is given in Annexure I & II to this Schedule

14 Schedules ''A to P'' and Annexure I & II hereto form an integral part of the statement of account for the year 31st March 2011.

15 Interest amounting to Rs.32976/- paid on funds borrowed from HDFC Bank Limited for acquisition of machinery has been capitalized till its installation and putting to use.


Mar 31, 2010

1. Contingent Liabilities not by the Bank on behalf of the Company of Rs, 13,85.000/- { Previous year

2. Share Application Money Rs. 42. 11.560/- (Previous year Rs, 42, 11,560/-)

3.Debit and Credit Balances m the accounts of various parties are subject to confirmation by the parties

- Previous year figures have been regrouped / recanted wherever necessary to make them comparable

4. The amount of insurance claims received during the year has been credited to respective heads of expenditure.

5. Interest accrued on a loan to Rs 25 00 Lacs advanced to a company has not been provided as the cheque for interest as were as of principal amount were dishonored. The company has filed complaint under Negotiate instruments Act and the matter is subjudice. Out of loan of Rs. 25 Lacs, Rs. 8.50 Lacs have already been received.

6. The arrears of depreciation not provided for amounting to Rs.6,35,014/- pertains to the year ended

7. No provision has been made for income- Tax demand of assessment year 1994-1995 Amounting to Rs 33,12,490/- as the same iz being disputed by the company in appeal, in Delhi High Court.

8 Taxes on Income

(a) Deferred Taxes:- However, in view of present uncertainty regarding generation of sufficient future income net deferred tax assets as at the yearend including related credits/charge for the year have not been recognized on prudent basis

9) Provision for Current tax has been made according to the normal provisions of the income tax Act. 1961 which includes education cess.

10. There are no dues of Micro and Small Enterprises as at 31st March 2010 This information is required to be disclosed under Micro Small & Medium Enterprises Development Act,2006 and has been determined to the extent such parties have been identified on the basis of information available with the company.

11. Additional information pursuant to the provisions of paragraph 3.4 4C and 4D of Part II and part IV of Schedule VI to the Companies Act, 1956 is given in Annexure I & II to this Schedule. 14. Schedules ''A to P* and Annexure I & II hereto form an integral part of the statement of account for the year ended 31st March, 2010 15 Interest amounting to Rs.317292/-paid on funds borrowed from SIDBI for acquisition of machinery has been capitalized till its installation and putting to use.


Mar 31, 2009

1. Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.4,30,000/- ( Previous year- Rs.Nil)

2. Investment & Loans & Advances includes amount due from:

a) The Companies in which Managing Director is interested as a Director. York Oil & Fats Limited Share Application Money Rs. 42, 11,560/- (Previous year Rs. 42, 11,560/-)

3. Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

4. Previous year figures have been regrouped / recasted wherever necessary to make them comparable with current year.

5. The amount of Insurance claims received during the year has been credited to respective heads of expenditure.

6. Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act and the matter is subjudice. Out of Rs. 25 Lacs, Rs. 8.50 Lacs have already been received.

7. The arrears of depreciation not provided for amounting to Rs.6,35,014/- pertains to the year ended 31-03-97.

8. No provision has been made for Income- Tax demand of assessment year 1994-1995 Amounting to Rs. 33,12,490/- as the same is being disputed by the company in appeal, in Delhi High Court.

9. Taxes on Income

(a) Deferred Taxes:- However, in view of present uncertainty regarding generation of sufficient future income, net deferred tax assets as at the year end including related credits/charge for the year have not been recognised on prudent basis.

(b) Current Taxes: Provision for Current tax has been made according to the normal provisions of the Income Tax Act, 1961 which includes education cess.

10. There are no dues of Micro and Small Enterprises as at 31st March 2010.This information is required to be disclosed under Micro Small & Medium Enterprises Development Act.2006 and has been determined to the extent such parties have been identified on the basis of information available with the company.

11. Additional information pursuant to the provisions of paragraph 3.4.4C and 4D of Part II and part IV of Schedule VI to the Companies Act, 1956 is given in Annexure I & II to this Schedule.

12. Schedules A to P and Annexure I & II hereto form an integral part of the statement of account for the year ended 31 * March 2009

 
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