Notes to Accounts of Jayatma Industries Ltd.

Mar 31, 2024

21. Other Notes Forming Part of the Financial Statements:

> Contingent Liabilities to the extent not provided for Guarantees:

Claims against company, disputed by the company, not acknowledged as debt:

Operating segments are reported in a manner consistent with the internal reporting to the chief
operating decision maker (CODM). The Chief Executive Officer of the Company being the CODM,
assesses the financial performance and position of the Company and makes strategic decisions. The
CODM primarily uses earnings before interest, tax, depreciation and amortization (EBITDA) as
performance measure to assess the performance of the operating segments. Description of Segment.

For the management purpose, the company is engaged in single business segment i.e. in
manufacturing and trading of cotton - Kapas, ginning cotton bales, raw oil and its agro by- products
and yarn.

The earning considered in ascertaining the company''s EPS comprises the profit available for
shareholders i.e. profit after tax and statutory/regulatory appropriations. The number of shares
used in computing Basic EPS is the weighted average number of shares outstanding during the year
as per the guidelines of Ind AS-33.

> Capital Management

The Company manages its capital to ensure that entities in the Company will be able to continue as
going concerns while maximizing the return to stakeholders through the optimization of the debt
and equity balance. The capital structure of the Company consists of net debt (borrowings offset by
cash and bank balances) and total equity of the Company.

Fair value hierarchy

The following section explains the judgments and estimates made in determining the fair values of the
financial instruments that are recognized and measured at fair value through profit or loss. To provide an
indication about the reliability of the inputs used in determining fair value, the Company has classified its
financial investments into the three levels prescribed under the accounting standard. An explanation of
each level follows underneath the table.

Notes:

Level 1 hierarchy includes financial instruments measured using quoted prices (unadjusted) in active market
for identical assets that the entity can access at the measurement date. This represents mutual funds that
have price quoted by the respective mutual fund houses and are valued using the closing Net asset value
(NAV).

Level 2 hierarchy includes the fair value of financial instruments measured using quoted prices for identical or
similar assets in markets that are not active.

Level 3 if one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3. This is the case for unlisted compound instruments.

There are no transfers between any of these levels during the year. The Company''s policy is to recognize
transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

C. Fair value of financial assets and liabilities measured at amortized cost

The Management has assessed that fair value of loans, trade receivables, cash and cash equivalents, other
bank balances, other financial assets and trade payables approximate their carrying amounts largely due to
their short-term nature. Difference between carrying amount of Bank deposits, other financial assets,
borrowings and other financial liabilities subsequently measured at amortized cost is not significant in each

of the years presented. For financial assets and liabilities that are measured at fair value, the carrying
amounts are equal to the fair values.

> Financial risk management

The Company''s board of directors has overall responsibility for the establishment and oversight of the
Company''s risk management framework. The board has established the Audit Committee, which is
responsible for developing and monitoring the Company''s risk management policies. The Committee holds
regular meetings and report to board on its Activities. The Company''s risk management policies are
established to identify and analyses the risks faced by the Company, to set appropriate risk limits and
controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Company''s activities. The Company, through its
training and management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the Company''s risk
management policies and procedures, and reviews the adequacy of the risk management framework in
relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal
audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and
procedures, the results of which are reported to the audit committee.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

(a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations. The company is exposed to the credit risk from its trade receivables,
unbilled revenue, investments, cash and cash equivalents, bank deposits and other financial assets. The
maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of
managing counterparty credit risk is to prevent losses in financial assets.

Trade Receivables

Trade receivables comprise a widespread customer base. Management evaluates credit risk relating to
customers on an ongoing basis. If customers are independently rated, these ratings are used. Otherwise, if
there is no independent rating, risk control assesses the credit quality of the customer, considering its
financial position, past experience and other factors.

For trade receivables, provision is provided by the company as per the below mentioned policy:

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Company''s reputation.

Liquidity Table

The Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed
repayment periods is given below. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Company can be required to pay. The tables
include both interest and principal cash flows. The contractual maturity is based on the earliest date on which
the Company may be required to pay.

(c) Market Risk

Market risk is the risk arising from changes in market prices - such as foreign exchange rates and interest
rates - will affect the Company''s income or the value of its holdings of financial instruments. The Company is
exposed to market risk primarily related to interest rate risk and the market value of the investments. Thus,
the exposure to market risk is a function of investing and borrowing activities

(d) Price Risk Exposure

The Company''s exposure to securities price risk arises from investments held in mutual funds and classified in
the balance sheet at fair value through profit or loss. To manage its price risk arising from such investments,
the Company diversifies its portfolio. Further these are all debt base securities for which the exposure is
primarily on account of interest rate risk. Quotes (NAV) of these investments are available from the mutual
fund houses. Profit for the year would increase/decrease as a result of gains/losses on these securities
classified as at fair value through profit or loss.

> Others

- Balance of sundry debtors and creditors, loans and advances accepted and given in the balance
sheet are subject to confirmation.

- As informed by the management that the loans are interest free, which in our opinion is violation of
Section 186 (7) of the Companies Act, 2013.

- Above Disclosure is made after considering the principle of materiality.

- In the events of non-availability of suitable supporting vouchers, Directors have given us certificate
that these expenses are incurred mainly for the business activities of the company.

- The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever
necessary. Amounts and other disclosures for the preceding year are included as an integral part of
the current year financial statements and are to be read in relation to the amounts and other
disclosures relating to the current year.

For and on behalf of the board ,

Sd/- Sd/-

Nirav Shah Rajan Parikh For GMCA & Co

Director & CEO Director Chartered Accountants

DIN 00397336 DIN 00198383 FRN :109850W

Sd/- Sd/- Sd/-

Ziral Soni Mayank Thaker C.A. Mitt S. Patel

(Company Secretary) (CFO) (Partner)

Membership No. 163940
UDIN:24163940BKADYI3343

Place : Ahmedabad
Date : 16/05/2024

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Mar 31, 2015

1. CORPORATE INFORMATION

Santaram Spinners Limited is a public listed company incorporated as spinning unit, now diversified and in operation of agro processing products mainly in trading and manufacturing of cotton - kapas, ginning cotton bales, raw oil and its agro by-products.

2. Terms/right attached to the equity/preference shares:

a. The Company has only one class of equity shares having a par value of '10 per share, each shareholder is elligible for one vote per share. The Company delcares and pays dividend in Indian Rupees. Dividend Proposed by Board of Directors is subject to approval of Shareholders in the ensuing Annual General Meeting.

b. In the event of liquidation, the Equity Sharesholders are eligible to receive the remaining Assets of the company after Distribution of all Preferential amount, in proportion to Shareholding.

c. Company has not alloted any bonus shares, Shares without consideration in cash and/or bought back any equity shares during the priod of five years immediately preceeding the Balance sheet date.

Loan from Union Bank of India secured by :

a. Tem loan/Cash Credit is secured by Hypothecation/pledge/charge over following prime security :

Packing Credit : Hypo. Of RM/WIP/FG & consumables meant for export

FDBP : Export Bills covering export of goods under confirmed contract/LC

CC Hypo. : Hypo of entire paid stocks & Book Debts. However, stock/book debts older than 90 days shall not rank for DP

Term loan : Hypo of P & M - Repayable in 72 Equal monthly installments starting from May 2012 and interest to be recovered seperately as and when charged.

b. Collateral Security : EM over the following assets: Factory Land & Building situated at Rajpur. Tal: Kadi, Dist. Mehsana in the name of Company.

Further, all the credit facilities are personally guaranteed by Kalyan J Shah, Managing Director of the Company.

3.A. During the year, there are no Capital Commitment Expenditure.

B. In the opinion of Board of Directors the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

C. We have verified the transactions recorded in the books with such documentary evidence as were made available and produced before us. Where such documentary evidence was not available we have accepted the voucher / entries as certified by management.

D. Confirmation letters/contra accounts of debit and credit balances of various parties are received by the Company. Balance due to or due by various parties, sundry debtors and sundry creditors, loan and advances, other account and all squared up accounts and other balances are therefore Subject to adjustment on receipt of confirmation

E. Contingent Liability related to Micro, Small and Medium Enterprises

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to amount unpaid to as at year end together with interest paid/payable under this Act have not been given.

F. Impairment of Assets :

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized wherever the carrying amount of an asset exceeds its estimated recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there are no impairment losses on assets of the Company.

G. In compliance of AS - 17 on "Segment Reporting" issued by the Institute if Chartered Accountants of India, in case of geographical segment, the domestic turnover of the Company is Rs.13785.78 lacs and the export turnover of the Company is Rs.3325.88 lacs. The Company mainly deals in cotton and its by products. Since the by-products such as oil,khol etc, turnover is less than 10% of the total turnover, no separate segment is reported.

H. As per Accounting Standard - 18 issued by The Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as define in the Accounting Standards are given below

Key Managerial Personnel Shri. Kalyanbhai J. Shah Shri. Nirav Shah Shri. Paresh R. Shah Shri. Janak G. Nanavaty Shri. Fenil R. Shah Smt. Falguni Broker

Relative Key Managerial Personnel No Transaction during the year.

I. Earnings per Share :

The earnings considered in ascertaining the Company's EPS represent profit for the year after tax. Basic EPS is computed and disclosed using the weighted average number of equity shares outstanding during the year.

J. Previous year figures have been regrouped, reconsider wherever necessary.

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Mar 31, 2014

CORPORATE INFORMATION

Santaram Spinners Limited is a public listed company incorporated as spinning unit, now diversified and in operation of agro processing products mainly in trading and manufactu ring of cotton- kapas, ginning cotton bales, raw oil and its agro by-products.

Terms/right attached to the equity/preference shares

1. The Company has only one class of equity shares having a par value of 10 per share, each shareholder is elligible for one vote per share. The Company delcares and pays dividend in Indian Rupees. Dividend Proposed by Board of Directors is subject to approval of Shareholders in the ensuing Annual General Meeting.

2. in the event of liquidation, the Equity Sharesholders are eligible to receive the remaining Assets of the company after Distribution of all Preferential amount, in proportion to Shareholding.

3. Company has not alloted any bonus shares, Shares without consideration in cash and/or bought back any equity shares during the priod of five years immediately preceeding the Balance sheet date.

4) Loan from Union Bank of India secured by :

1. Term loan/Cash Credit is secured by Hypothecation/pledge/charge over following prime security Packing Credit: Hypo. Of RM/WIP/FG & consumables meant for export FDBP ; Export Bills covering export of goods under confirmed contract/LC CC Hypo.: Hypo of entire paid stocks & Book Debts. However, stock/book debts older than 90 days shall not rank for DP

Term Loan : Hypo of P & M Repayable in 72 Equal monthly installments starting from May 2012 and interest to be recovered seperately as and when charged.

2. Coilateral Security : EM over the following assets: Factory Land & Building situated at Rajpur. Tal: Kadi, Dist. Mehsana in the name of Company Further, ail the credit facilities are personally guaranteed by Kalyan J Shah, Managing Director of the Company.

5) Contingent Liabilities & Commitments:

PARTICULARS 2013-2014 2012-2013

Contingent Liabilities & Commitments to the extent

not provided for Sales Tax Demand

Pending before Sales Tax Tribunal for the FY 1993-94 36189

Pending before Sales Tax Tribunal(VAT) for the FY 2006-07 956900 956900

Pending before Sales Tax(CST) for the FY 2006-07 914477 914477

Pending before Sales Tax(VAT) for the FY 2008-09 9700 9700

Income Tax Demand

Pending before Income Tax for the FY 2009-10 - 212650

6)During the year, there are no Capital Commitment Expenditure.

7) in the opinion of Board of Directors the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

8) We have verified the transactions recorded in the books with such documentary evidence as were made available and produced before us. Where such documentary evidence was not available we have accepted the voucher / entries as certified by management.

9) Confirmation letters/contra accounts of debit and credit balances of various parties are received by the Company Balance due to or due by various parties, sundry debtors and sundry creditors, foan and advances, other account and all squared up accounts and other balances are therefore Subject to adjustment on receipt of confirmation

10) Contingent Liability related to Micro, Small and Medium Enterprises The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to amount unpaid to as at year end together with interst paid/payable under this Act have not been given.

11) Impairment of Assets:

The carrying amounts of assets are reviewed at each balance sheet date, if there is any indication of impairment based on internal/external factors. An impairment loss will be recognized wherever the carrying amount of an asset exceeds its estimated recoverable amount. The revoverable ampunt is greater of the assets net selling price and value in use. In assessing the value in use the estimated future cash flows are discounted to the present value at the weighted average cost of capital. During the year there are no impairment losses on assets of the Company.

12) In compliance of AS - 17 on "Segment Reporting" issued by the institute if Chartered Accountants of India, in case of geographical segment, the domestic turnover of the Company is Rs.5694.57 lacs and the export turnover of the Company is Rs.2221.25 lacs. The Company mainly deals in cotton and its by products. Since the by-products such as oil,khol etc, turnover is less than 10% of the total turnover, no separate segment is reported.

13) In compliance of AS — 22 on "Accounting for taxes on Income" issued by Institute of Chartered Accountants of India, the Company has provided Accumulated net deferred tax liability in respect of timing difference as on 31st March,2014. The item wise details of deferred tax liability as on 31.03.2014 are as under

14) Earning per Share:

The earnings considered in ascertaining the Company''s EPS represent profit for the year after tax. Basic EPS is computed and disclosed using the weighted average number of equity shares outstanding during the year

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Mar 31, 2013

N0TE:1 CONTINGENT LIABILITIES & COMMITMENTS

(In Rs.)

Particular 31/03/2013 31/03/2012

Contingent Liabilities & commitments to the extent not provided for ''

Sales Tax Demand

Pending before Sales Tax Tribunal for the FY 1993-1994 36,189 36,189

Pending before Sales Tax Tribunal(Vat) for the FY 2006-2007 9,56,900

Pending before Sales Tax (CST) for the FY 2006-2007 9,14,477

Pending before Sales Tax (Vat) for the FY 2008-2009 9,700

Income Tax Demand

Pending before Income Tax Tribunal for FY 2007-2008 2,23,046

Pending before Income Tax for FY2009-2010 2,12,650

2. Confirmation letters/contra accounts of debit and credit balances of various parties are not received by the Company. Balance due to or due by various parties, sundry debtors and sundry creditors, loan and advances, other account and all squared up accounts and other balances are therefore Subject to adjustment on receipt of confirmation.

3. Previous year figures have been regrouped, reconsider wherever necessary.

4. In the opinion of Board of Directors the current assets, loans and advances are approximately of the value stated if realized in the ordinary course of business. The provisions for all known liabilities are adequate.

5. It is not possible for us to verify whether the payments in excess of Rs. 20,000/- have been made otherwise than by crossed cheque or bank draft as the necessary evidence is not is possession of the assessee.

6. We have verified the transactions recorded in the books with such documentary evidence as were made available and produced before us. Where such documentary evidence was not available we have accepted the voucher/ entries as certified by management.

7. Company has not provided liabilities for provident fund, professional tax.

8. No provision has been made for the bonus liability for the current year, the same has been charged based on actual payment for the current year.

9. Based in information available with the Company, there are no suppliers who are registered as micro, small or medium enterprise under "The Micro, Small and Medium Enterprises Development Act, 2006" as at March 31, 2012 and hence disclosure relating to amount unpaid at the end of the year under this Act, has not been given.

10. As per Accounting Standard -18 issued by The Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as define in the Accounting Standards are given below.

Key Managerial Personnel & their relatives: Shri. Kalyanbhai J. Shah

Shri. Nirav Shah Shri. Paresh R. Shah Shri. Janak G Nanavaty Shri. Fenil R. Shah

Enterprise in which Directors & Key Managerial Giriraj Cotton Ltd Personnel have significant influence: Jayatma Spinners Ltd

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Mar 31, 2010

1. In the opinion of the Board of Directors,

a. The Current Assets, Loans and Advances have, a value on realisation in the ordinary courses of business at least equal to the amount at which they ere stated,

b. The Provision for all known liabilities Is adequate find not in excess of the amount at with they are stated,

2, The figures have been rounded off to the nearest rupee.

3, The previous year figures have been regrouped and reclassified to confirm the current years grouplng/classification

4. The Management is of the view that there was no Impairment loss of Fixed Assets on the basis of review carried out in accordance with accounting standard 28 Issued by the institute of Chartered Accountants of India.

5. Debit and Credit outside parties (Including Debtors and Creditors appearing In Balance Sheet are subject to confirmation / adjustment,

6 CONTINGENT LIABILITES:

There is no contingent liabilities and hence no provision has been made regarding that.

7 The company has identified (its activities as single segment hence no separate disclosure is required in term of Accounting Standard 17 (AS 17) "Segment Reporting",

8 Realated Party Disclosures under Accounting Standard 18: Name of the realated party and their relation

Name of Related Party and thrir relation

Giriaj Cotton Ltd. Common Director

Jayatma Spinners Ltd. Common Director

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Mar 31, 2009

1. In the opinion of the Board of Directors,

a. The Current Assets, Loans and Advances have a value on realisation in the ordinary courses of business at least equal to the amount at which they are stated.

b. The Provision for all known liabilities is adequate and not in excess of the amount at with they are stated.

2. The figures have been rounded off to the nearest rupee.

3. The previous year figures have been regrouped and reclassified to confirm the current years grouping/classification.

4. The Management is of the view that there was no impairment loss of Fixed Assets on the basis of review carried out in accordance with accounting standard 28 issued by the Institute of Chartered Accountants of India.

5. During the year, the company has recalculated excess depreciation provided in the earlier years and account for the reversal of excess depreciation written back of Rs. 10,67,508/-

6. Debit and Credit balances of outside parties (including Debtors and Creditors) appearing in Balance Sheet are subject to confirmation / adjustment.

CONTINGENT LIABILITIES:

2008-09 2007-08

Contingent liabilities are not provided for: Nil Rs. 89,145

Gujarat State Co-op Marketing Fed. Ltd

7 The company has identified its activities as single segment hence no separate disclosure is required in term of Accounting Standard 17 (AS 17) "Segment Reporting".

8 Related Party Disclosures under Accounting Standard 18: Name of the related party and their relation

Name of Related Party Their Relation

Urja Products Pvt. Ltd Common Director

Jayatma Info. Pvt. Ltd. Common Director

9. Additional information pursuant to the provisions of paragraph 3. 4C & 4D of part II of Schedule VI of the Companies Act, 1956.