Notes to Accounts of Everlon Financials Ltd.

Mar 31, 2025

(b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of ''10 per share. Each holder of equity shares is entitled to one vote per share

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Nature and purpose of reserves:

(i) Securities premium

Securities premium account is created when shares are issued at premium. The Company may issue fully paid-up Bonus shares to its members out of the Securities premium account. As per section 52 (2) (e) of the Companies Act, 2013, Securities premium account can be used for buy back of shares.

(ii) Retained Earning

Retained earning are the profits that the Company has earned till date, less any transfer to General Reserve, dividends or other distributions paid to the shareholders.

27 Leases Operating Lease

The leasing arrangements are in most cases renewable by mutual consent, on mutually agreeable terms.

The Company''s significant leasing arrangements are mainly in respect of residential and office premises. The aggregate lease rentals payable on these leasing arrangements are charged as rent under "Other Expenses".

The Company has not recognised any right- of- use asset ("ROU") due to low value of leases where in the lease period is more then twelve months.

28 Contingent liabilities & Capital Commitments: NIL

29 Forward contracts outstanding as at the Balance Sheet date

There are no forward contracts outstanding as at balance sheet date.

30 Gratuity and other post-employment benefit plans.

30.2 Defined Benefits Plans :

The provision for Gratuity has been done on the basis of entitlements, due to insignificant number of employees, being employed . The provision for gratuity includes Gratuity dues of Director Mr. Jitendra K. Vakharia of Rs 9.23 lakhs and Employee''s Gratuity dues of Rs 0.44 Lakhs.

34 Segment Reporting

The Company''s business activity during the current year is dealing in Shares . Thus, in the context of Indian Accounting Standard - 108 "Segment Reporting", issued by the Institute of Chartered Accountants of India, there is only one identified reportable segment.

During the year the company was allotted 1,50,000/- shares of M/s Salzer Electronics Limited against the Loan

35 amount outstanding of Rs 3,87,75,000/- from M/s Salzer Exports Limited in terms of the Agreement duly executed between the parties.

36 Loans & Advances

During the financial year, the Company has granted loans and advances to companies, firms, limited liability partnerships, and other parties not covered under Section 185 of the Companies Act, 2013. The aggregate amount of such loans disbursed during the year amounts to K 303.95 lakhs. Repayments were received during the year amounting to 401.72 , and the outstanding balance as on the balance sheet date is K10.30 lakhs (P.Y.''. 108.07). No provisioning for the said loans disbursed has been made during the year in terms of the Master Circular issued by the Reserve Bank of India on Prudential Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances since the Loans outstanding are Short Term Loans.

39 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium andall other equity reserves attributable to the equity holders of the company. The primary objective of the company''s capital management is to maximise the shareholder value and to safeguard the companies ability to remain as a going concern.

The company manages its capital structure and makes adjustments to it, in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The current capital structure of the company is equity based with no financing through borrowings. The company is not subject any externally imposed capital requirement.

No changes were made in the objectives, policies or processes during the year ended 31st March, 2025 and 31st March, 2024 respectively.

40 Fair value disclosures

40.1 The company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

The categories used are as follows:

• Level 1: This hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds, ETFs and mutual funds that have quoted price. ;

• Level 2: The fairvalue offinancial instruments that are not traded in an active market is determined usingvaluation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2; and

• Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

40.2 Financial Risk Management- Objectives And Policies

The company''s activities exposes it to variety of financial risk viz. credit risk, liquidity risk and market risk. The company has various financial assets such as deposits, Loans & Advances, trade and other receivables and cash and bank balances directly related to their business operations. The Company''s principal financial liabilities comprise of trade and other payables. The company''s senior management focus is to foresee the unpredictability and minimise the potential adverse effects on the company''s financial performance. The company''s overall risk, management procedures to minimize the potential adverse effect of the financial market on the company''s performance are as follows:

40.3 Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk primarily from cash and cash equivalents, and financial assets measured at amortised cost.

A Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks across the country.

B Other financial assets measured at amortised cost

Other financial assets measured at amortised cost includes loans and advances, security deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously and is based on the credit worthiness of those parties.

^40.4 Liquidity risk is the risk that the company will not be able to meet its financial obligation as they fall due. Liquidity risk arises because of the possibility that the company could be required to pay its liabilities earlier than expected. Liquidity risk is managed by monitoring on a regular basis that sufficient funds are available to meet any future commitments. The company manages its liquidity risk by maintaining sufficient bank balance .

As on 31st March, 2025, the company''s financial liabilities of '' 1.19 lakhs (31st March, 2024''1.23 lakhs) are all current and due in the next financial year.

40.5 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. The company is not exposed to currency risk since there are no forign currency transactions and other price risk whereas the exposure to currency risk and interest risk is given below:

A Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of financial instrument will fluctuate due to change in market interest rates. The company''s investments are primarily in fixed rate interest bearing investments and Loans.

43 Additional regulatory information required by Schedule III of Companies Act,2013

43.1 Details of Benami property:

No proceeding have been initiated or are pending against the Company for holding any Benami property under the Benami Transaction (Prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

43.2 Utilisation of borrowed funds and share premium:

The Company has not advanced or loaned or invested funds to any other person (s) or entity (ies), including foreign entities (Intermediaries) with

^(a) the understanding that the Intermediary shall:

i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person (s) or entity (ies), including foreign entities (Funding Party) with the understanding

^(b) (whether recorded in writing or otherwise) that the Company shall:

i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like or on behalf of the ultimate beneficiaries.

43.3 Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under the Companies Act,2013.

43.4 Compliance with approved scheme (s) of arrangements:

The Company has not entered into any scheme or arrangement which has an accounting impact on current or previous year.

43.5 Undisclosed income:

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

43.6 Details of crypto currency or virtual currency:

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

43.7 Valuation of Property, Plant and Equipment:

The Company has not revalued its property, plant and equipment (including right-of-use-assets) during the current or previous year.

43.8 Wilful Defaulter:

The Company is not declared as wilful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

43.9 Details of Transaction with Struck of Companies:

There are no Transactions with Struck of Companies during the Current and Previous Year.

44 The previous year figures have been regrouped/ reclassified, wherever necessary to confirm to the current year presentation.

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Mar 31, 2024

n Provision for Doubtful Debts and Written-off of bad debts

Provision are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made ofthe amount ofthe obligation. The amount recognized as a provision is the best estimate ofthe consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When provision is measured using the cash flow estimated to settle the present obligation, its carrying amount is the present value of these cash flows (when the effect ofthe time value of money is material).

Debts specifically considered fully or partially irrecoverable are written-off and provision against sub-standard and doubtful asset is made in accordance with the guidelines issued by RBI under the Non-Systemically Important NonBanking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015. Sums recovered against debts earlier written off and provision no longer considered necessary in the context ofthe current status of the borrower are written back.

o Contingent Liabilities & Assets

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

A Contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. The Company does not have any contingent assets in the financial statements.

p Earningpershare(EPS)

The Company report basic and diluted earnings per share in accordance with Ind AS 33 "Earning per Share". The Basic EPS is computed by dividing the profit after taxes by the weighted number of equity shares outstanding during the accounting period. The diluted EPS is computed using the weighted average number ofthe aggregate of equity shares outstanding at the end ofthe year and those that may be possible issued in the nearfuture.

q Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA") has notified the following new amendments to Ind AS which the Company has applied as they are effectivefor annual periods beginning on or afterApril 1, 2023.

(i) Amendment to IndASl “Presentation of Financial Instruments”

The amendments require companies to disclose their material accounting policies rather than their significant accounting policies. Accounting policy information is material if, together with other information can reasonably be expected to influence decisions of primary users of general purpose financial statements. The amendment does not have any significant impact on the company.

(ii) Amendment to Ind AS 12 “Income Taxes”

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxableand deductible temporary differences. The amendment does not have any significant impact on the company.

(iii) Amendment to lndAS8 “Accounting Policies, Changes in Accounting Estimates and Errors”

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced with a definition ofaccounting estimates. Underthe new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. Entities use measurement techniques and inputs to develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The amendment does not have any significant impact on the company.

3 Use ofJudgment''s, Estimates and Assumptions

The preparation ofthe Company''s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Difference between actual results and estimates are recognised in the periods in which the results are known / materialize. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances existing when the financial statements were prepared. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates is recognised in theyear in which the estimates are revised .

The areas involving critical estimates andjudgements are:

(i) Useful lives of Property, plant and equipment and intangibles [Refer Note 2 (g) and (h)]

26 Leases Operating Lease

The leasing arrangements are in most cases renewable by mutual consent, on mutually agreeable terms.

The Company''s significant leasing arrangements are mainly in respect of residential and office premises. The aggregate lease rentals payable on these leasing arrangements are charged as rent under "Other Expenses".

The Company has not recognised any right- of- use asset ("ROU") due to low value of leases where in the lease period is more then twelve months.

27 Contingent liabilities & Capital Commitments: NIL

28 Forward contracts outstanding as at the Balance Sheet date

There are no forward contracts outstanding as at balance sheet date.

29 Gratuity and other post-employment benefit plans.

29.1 Defined Contribution Plans :

The Company has recognised the following amounts in the Statement of Profit and Loss :

30.2 Defined Benefits Plans :

The provision for Gratuity has been done on the basis on entitlements, due to insignificant number of employees, being employed . The provision for gratuity includes Gratuity dues of Director Mr. Jitendra K. Vakharia of Rs 8.94 lakhs and Employee’s Gratuity dues of Rs 0.04 Lakhs.

30 Details of foreign Exchange Earning and Outgo: NIL

31 Corporate Social Responsibility (CSR)

The company is not liable to incur any expenditure under the CSR guidelines notified by The Ministry of Company Affairs.

32 Earnings per share

Basic and Diluted earnings per share

The following reflects the income and share data used in the Basic and Diluted EPS computation:

33 Segment Reporting

The Company’s business activity during the current year is funding of Solar Plants and dealing in Shares . Thus, in the context of Indian Accounting Standard - 108 "Segment Reporting", issued by the Institute of Chartered Accountants of India, there is only one identified reportable segment.

34 Loans & Advances

The company has granted Unsecured loans to Companies, Firms, Limited Liability Partnerships and various other parties other than those covered under section 185 of the Act. The aggregate amount of Loans given during the year is ''.17.15 lakhs, Loan Received back during the year is '' 10.77 lakhs balance outstanding at the Balance sheet date is .108.07 lakhs (P.Y. .101.68 lakhs).

37 Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the company. The primary objective of the company''s capital management is to maximise the shareholder value and to safeguard the companies ability to remain as a going concern.

The company manages its capital structure and makes adjustments to it, in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The current capital structure of the company is equity based with no financing through borrowings. The company is not subject any externally imposed capital requirement.

No changes were made in the objectives, policies or processes during the year ended 31st March, 2024 and 31st March, 2023 respectively.

38 Fair value Measurements

38.1 Financial assets & Liabilities

The accounting classification of each category of financial instruments, and their carrying amounts, are set out below.

The carrying value of all the financials assets and financial liabilities are a reasonable approximation of their fair values. Accordingly the fair values of such financial assets and liabilities have not been disclosed separately.

38.1 Financial Risk Management- Objectives And Policies

The company''s activities exposes it to variety of financial risk viz. credit risk, liquidity risk and market risk. The company has various financial assets such as deposits, Loans & Advances, trade and other receivables and cash and bank balances directly related to their business operations. The Company''s principal financial liabilities comprise of trade and other payables. The company''s senior management focus is to foresee the unpredictability and minimise the potential adverse effects on the company''s financial performance. The company''s overall risk, management procedures to minimize the potential adverse effect of the financial market on the company''s performance are as follows:

38.2 CreditRisk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk primarily from trade receivables, cash and cash equivalents, and financial assets measured at amortised cost.

A Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks across the country.

B Other financial assets measured at amortised cost

Other financial assets measured at amortised cost includes loans and advances, security deposits and others. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuouslyand is based on the credit worthiness of those parties.

38.3 Liquidity risk is the risk that the company will not be able to meet its financial obligation as they fall due. Liquidity risk arises because of the possibility that the company could be required to pay its liabilities earlier than expected. Liquidity risk is managed by monitoring on a regular basis that sufficient funds are available to meet any future commitments. The company manages its liquidity risk by maintaining sufficient bank balance .

As on 31st March, 2024, the company''s financial liabilities of'' 1.23 lakhs (31st March, 2023 '' 1.54 lakhs) are all current and due in the next financial year.

38.4 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. The company is not exposed to other price risk whereas the exposure to currency risk and interest risk is given below:

A Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of financial instrument will fluctuate due to change in market interest rates. The company''s investments are primarily in fixed rate interest bearing investments and Loans.

40 IncomeTaxes

During the year, the Company decided to exercise the option permitted under Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 from the current financial year. Accordingly, the provision for income tax and deferred tax balances have been recorded/ remeasured using the new tax rate.

41 Additional regulatory information required by Schedule III of Companies Act,2013

41.1 Details of Benami property:

No proceeding have been initiated or are pending against the Company for holding any Benami property under the Benami Transaction (Prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

41.2 Utilisation of borrowed funds and share premium:

The Company has not advanced or loaned or invested funds to any other person (s) or entity (ies), including foreign entities (Intermediaries) with the

(a)

understanding that the Intermediary shall:

i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person (s) or entity (ies), including foreign entities (Funding Party) with the understanding (whether

(b)

recorded in writing or otherwise) that the Company shall:

i) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

ii) provide any guarantee, security or the like or on behalf of the ultimate beneficiaries.

41.3 Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under the Companies Act,2013.

41.4 Compliance with approved scheme (s) of arrangements:

The Company has not entered into any scheme or arrangement which has an accounting impact on current or previous year.

41.5 Undisclosed income:

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

41.6 Details of crypto currency or virtual currency:

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

41.7 Valuation of Property, Plant and Equipment:

The Company has not revalued its property, plant and equipment (including right-of-use-assets) during the current or previous year.

41.8 Wilful Defaulter:

The Company is not declared as wilful defaulter by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India.

41.9 Details of Transaction with Struck of Companies:

There are no Transactions with Struck of Companies during the Current and Previous Year.

42 The previous year figures have been regrouped/ reclassified, wherever necessary to confirm to the current year presentation.

As per our report of even date attached For and on behalf of the Board of Directors

Forand on behalf of B L Dasharda & Associates

Chartered Accountants J.K.Vakharia V.J.Vakharia

F.R.No: 112615W Managing Director Director

Din:00047777 Din:00052361

Sushant Mehta Vivek Mane Pooja Sanghvi

Partner Chief Financial Officer Company Secretary

M. No. 112489

Place: Mumbai Place: Mumbai

Dated : 24th May ,2024 Dated : 24th May ,2024

_UDIN NO:24112489BKANXL2385_

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Mar 31, 2015

1 SHARE CAPITAL

a) Rights and Restrictions of the Equity Shares holders

Following are the rights attached to 30273600 equity shares;

(I) Rights to receive dividend as may be approved by the Board/Annual General Meeting

(II) Rights to attend the Annual General Meeting of the Company and right to vote

Apart from the above, the Equity shares rank pari passu and are subject to the rights, preference and restrictions under the companies Act.

b) There are Nil number of shares (Previous year Nil) in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or subsidiary or assoicates of the holding company or the ultimate holding company in aggregate

c) There are Nil number of shares (Previous year Nil) reserved for issue under option and contracts/ commitment for the sale of shares/disinvestment inclusing the terms and amounts.

d) There are no securities (Previous year no)convertible into Equity/Preferential Shares,

e) There are no calls unpaid (Previous year no) including calls unpaid by Directors and Officers as on balance sheet date,

f) There is no change in number of shares outstanding at the beginning and at the end of the year,

02. Segement Results

During the year Company has only one reportable segment, i.e. manufacturing of Polyester Texturised & Twisted yarn. Hence separate segment report as required under accounting standard 17 is not presented.

03. Related Party Disclosures ( As identified by the Management)

i). Related Party Relationships

(a) Where control exists 1) Everest Yarn Agency Pvt.Ltd

2) Teekay International

(b) 100% Subsidiary NIL

(c) Key Management Personnel Mr. Jitendra K. Vakharia

Mrs.Varsha J. Vakharia

(d) Relative of Key Management Nil Personnel

(e) Other related Parties Nil

04. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22. Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India as Company is not certain that sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

05. a) The amount shown in Trade Payable, and Discount Receivables from Sundry Creditors under various heads are subject to confirmations.

b) The amount shown under Trade receivable under various heads are subject to confirmation.

06. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

07. There are no Micro, Small and Medium Enterprises, as defined in Mircro, Small, Medium Enterprises Development Act, 2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

08. Previous year''s figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2014

01. Segement Results

During the year Company has only one reportable segment, i.e. manufacturing of Polyester Texturised & Twisted yarn. Hence separate segment report as required under accounting standard 17 is not presented.

02. Related Party Disclosures (As identified by the Management) i). Related Party Relationships

(a) Where control exists 1) Everest Yarn Agency Pvt.Ltd

2) Vakharia Power Infrastructure Ltd.

(b) 100% Subsidiary NIL

(c) Key Management Personnel Mr. Jitendra K. Vakharia

Mrs.Varsha J. Vakharia

(d) Relative of Key Management Personnel Nil le) Other related Parties ii Nil

03. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22. Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India as Company is not certain that sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

04. a) The amount shown in Trade Payable, and Discount Receivables from Sundry Creditors under various heads are subject to confirmations.

b) The amount shown under Trade receivable under various heads are subject to confirmation

05. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

06. Contingent Liabilities: -

Excise Duty claim not acknowledged as Debt Rs.4,45,40,268/- (Previous Year Rs.4,45,40,268/-)

07. There are no Micro, Small and Medium Enterprises, as defined in Mircro, Small, Medium Enterprises Development Act, 2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

08 Previous year''s figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2013

1. Segement Results

During the year Company has only one reportable segment, i.e. manufacturing of Polyester Texturised & Twisted yarn. Hence separate segment report as required under accounting standard 17 is not presented.

2. Related Party Disclosures ( As identified by the Management)

1. Related Party Relationships

(a) Where control exists Everest Yarn Agency Pvt.Ltd

Vakharia Power Infrastructure Ltd

(b) 100% Subsidiary Nil

(c) Key Management Personnel Mr. Jitendra K. Vakharia

Mrs. Varsha J. Vakharia

(d) Relative of Key Management Personnel Nil

(e) Other related Parties Nil

3. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22. Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India as Company is not certain that sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

4. In terms of order dated 14th September 2012, Appointed date 01/09/2011 (effective date 18th October 2012) passed by Hon''ble Bombay High Court, approving Scheme of Arrangement for demerger of investment business of the company into Vakharia Power Infrastructure Ltd., the company has effected the following :- a) The Company has reorganized / restructured its subscribed and paid up share capital by effecting reduction of 40% of its share capital. The subscribed and paid up share capital now stands at 3,02,73,600 equity shares of Re.1/- each.

b) The face value of the equity share has been changed from Rs.10/- per equity share to Re.1/- equity share fully paid-up.

c) To give effect to the aforesaid Hon''ble Bombay High Court order, the company has passed necessary accounting entries for transfer of investment business of the company into Vakharia Power Infrastructure Ltd., as per applicable accounting standards.

d) Vakharia Power Infrastructure Ltd., has ceased to be subsidiary of the company w.e.f. 23/11/2012 due to allotment of equity shares by Vakharia Power Infrastructure Ltd., to the members of the company.

5. a) The amount shown in Trade Payable, and Discount Receivables from Sundry Creditors under various heads are subject to confirmations.

b) The amount shown under Trade receivable under various heads are subject to confirmation.

6. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

7. Contingent Liabilities : -

Excise Duty claim not acknowledged as Debt Rs.4,45,40,268/- (Previous Year Rs.4,45,40,268/-)

8. There are no Micro, Small and Medium Enterprises, as defined in Mircro, Small, Medium Enterprises Development Act, 2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

9. Previous year''s figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2012

1. Segement Results

During the year Company has only one reportable segment, i.e. manufacturing of Polyester exturised & Twisted yarn. Hence separate segment report as required under accounting standard 17 is not presented.

2. Sundry debtors and creditors are subject to confirmation

3. Previous year's figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2010

01. Segement Results

During the year Company has only one reportable segment, i.e. manufacturing of Polyester Texturised & Twisted yam. Hence separate segment report as required under accounting standard 17 is not presented.

02. Related Party Disclosures (As identified by the Management) 1. Related Party Relationships

(a) Where control exists Everest Yam Agency Pvt.Ltd

(b) Key Management Personnel Mr. Jitendra K. Vakharia

(c) Relative of Key

Management Personnel Mrs. Varsha J. Vakharia

(d) Other related Patties Nil

03. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22. Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India as Company is not certain that sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

04. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

05. Contingent Liabilities:-

1) On Partly paid equity shares Rs.50.000/- (Previous Year Rs.50,000/-)

2) Excise Duty claim not acknowledged as Debt Rs. 445.40 Lacs (Previous Year Rs.445.40 Lacs)

3) Income Tax demand raised by Income Tax Department for various years Rs.Nil (previous years Rs.207.59 lacs).

06. There are no Micro, Small and Medium Enterprises, as defined in Micro, Small, Medium Enterprises Development Act, 2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

07. The information required under paragraph 3 & 4 of part II of Schedule VI of Companys Act 1956 (As certified by the management) to the extent applicable are as under.

A) Licensed & Installed Capacity

I) Licensed Capacity

a) DadraUnit

The company has obtained Registration from Department of Industrial Development, Secretariat for Industrial Approvals, Entrepreneurial Assistance Unit of Ministry of Industry Government of India for: Manufacture of 4140 tons of Polyester Texturised Yam and Polyester Twisted Yam.

II) Installed Capacity:-

a) DadraUnit

I) Two Draw Texturising Machine of 312 spindles each (Previous Year Two Draw Texturising Machines of 312 spindles each) having a capacity of 2160 tons per annum.

II) Four Twisting Machines of 360 spindles each. (Previous Year four twisting machines) having a capacity of 80 Denier/300 TPM - 240 tons per annum.

Note: Installed capacities are certified by management and relied upon the Auditor without verification same being a technical matter.

08. Sundry debtors and creditors are subject to confirmation

09. Previous years figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

10. The information required under PART-IV of schedule VI of Companies Act, 1956 (As certified by the management) to the extent applicable are as under:

V. Generic Names of Principal Products (as per monetary terms) Item Code No. 540242 (ITC Code) Product Descripation Polyester Texturised Yam and PolyesterTwisted Yam