Notes to Accounts of Yashraj Containeurs Ltd.

Mar 31, 2015

1 Corporate information

Yashraj Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th July 1993, assessed to income tax having registerred address Plot No. 757/758, Jwala Estate, First Floor, Soni Wadi, Near Kora Kendra, Off S.V. Road, Borivali (West), Mumbai 400 092. Yashraj Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

2. Terms/Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each Holder of equity share is entitled to 1 vote per share.In the event of Liquidation of the company, the holders of equity share will be entitled to receive remining assets of the company, after distriibution of all preferencial amounts. The distributation will be in proportion to the number of equity shares held by the shareholders.

3. The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

4. Defined Benefit Plans - Leave Encashment

The Company does not accumulate the leaves of employees. Leave is encashed every year.

5. Related party transactions

Details of related parties:

Description of relationship Names of related parties

Associates Precision Containeurs Ltd

Vas Infrastructure Ltd

Vasparr Shelter Ltd

Vas Educomp Pvt. Ltd.

Pushpanjali Drums Pvt. Ltd.

Key Management Personnel (KMP) Dr. Jayesh V Valia - Executive Chairman

Mr. Babulal Jain - Director

Mr. G. Venkataraman - Director

Relatives of KMP Mrs. Sangeeta Valia

Mr. Madhav Valia

Mr. Raj Valia

Note : Related parties have been identified by the Management.

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Mar 31, 2014

1.1 Segment reporting

The Company is in the business of manufacturing of MS barrel and operated in only one country i.e. India hence there are no operating or geographical segments applicable to the company.

1.2 Leases

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor are recognised as operating leases. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis.

1.3 Taxes on income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if there is virtual certainty that there will be sufficient future taxable income available to realise such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their readability.

1.4 Impairment of assets

The carrying values of assets / cash generating units at each Balance Sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount of these assets exceeds their recoverable amount. The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, except in case of revalued assets.

1.5 Provisions and contingencies

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.

1.6 Service tax input credit

Service tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is no uncertainty in availing / utilising the credits.

b) Terms/Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each Holder of equity share is entitled to 1 vote per share.In the event of Liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the company, after distribution of all preferencial amounts. The distributation will be in proportion to the number of equity shares held by the shareholders.

(c) Details of shares held by each shareholder holding more than 5% shares:

(V) The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

Defined Benefit Plans - Leave Encashment

The Company does not accumulate the leaves of employees. Leave is encashed every year.

Defined Contribution Plans:

1.7 Details of related parties:

Description of relationship Names of related parties

Associates Precision Containeurs Ltd

Vas Infrastructure Ltd Vasparr Shelter Ltd

Vas Educomp Pvt. Ltd.

Pushpanjali Drums Pvt. Ltd.

Key Management Personnel (KMP) Dr.Jayesh V Valia - Executive Chairman

Mr. V.H. Mulwad - Director Mr. Babulal Jain - Director

Mr. G. Venkataraman

Relatives of KMP Mrs. Sangeeta Valia

Mr. Madhav Valia

Mr. Raj Valia

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Mar 31, 2013

1 Corporate information

Yashraj Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th July 1993, assessed to income tax having registerred address 401, 4th Floor, Court Chambers, S.V. Road, Borivali (West), Mumbai- 400 092. Yashraj Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

Note 2 : The Company main line of business is Manufacturing of Barrels & Trading of CRCA coils, however on account of list of items reserved to be purchased from Micro and small enterprises as defined by Development Comissioner (MSME) Ministry of Micro, Small & Medium Enterprises, where in Drums and Barrels is defines under the reserved listing under Point no 100.

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Mar 31, 2012

1 Corporate Information

Yashraj Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th July 1993, assessed to income tax having registered address 401; 4th Floor, Court Chambers, S.V. Road, Borivali (West), Mumbai- 400 092. Yashraj Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

a) Terms/Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs.10/- per share. Each Holder of equity share is entitle to 1 vote per share. In the event of Liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the company, after distriibution of all preferencial amounts. The distributation will be in proportion to the number of equity shares held by the shareholders.

b) i) Details of shares held by the holding company, the ultimate holding company .their subsidiaries : Nil

ii) Details of shares held by each shareholder holding more than 5% shares:

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Mar 31, 2011

1. Contingent liability not provided for

CURRENT YEAR PREVIOUS YEAR Rs. Rs.

Bank Guarantees 117,166,266 111,917,181

2. Related Party Disclosures:

(a) Associate concerns

(i) Precision Containeurs Ltd.

(ii) Vas Infrastructure Ltd.

(iii) Vasparr Shelter Ltd.

(iv) Vasparr Trading Pvt. Ltd. (Now known as Vas Educomp Pvt. Ltd.)

(v) Pushpanjali Drums Pvt Ltd

(b) Key Management Personnel & their relatives:

Dr. Jayesh V. Valia - Executive Chairman

Mrs. Sangeeta Valia

Mr. Raj J. Valia

Mr. Madhav J. Valia

Mr. V.H. Mulwad

Mr. Babulal Jain

Mr. G. Venkatraman

3. The actuarial valuation of gratuity for present liability towards future payment to the employees covered under payment of gratuity act was not done as on the balance sheet date, therefore the effect of this on the profit for the year could not be ascertained, to the extent the accounts are not in conformity with section 209(3) of the Companies Act 1956 and accounting slandard 15 (revised 2005) on "Employee benefit" issued by institute ofchartered accountant of India.

4. In relation to Accounting Standard 22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India, the Company has unabsorbed depreciation and accumulated losses in terms of income tax and there is no virtual certainly supported by convincing evidence as regards future profitability to wipe off the losses and hence no effect on timing difference in the accounts is given.

5. The Company has only one business segment and there is no geographical Segment, hence reporting details prescribed in Accounting Standard 17 segment reporting have not been provided in these financial statement.

6. The outstanding Balance of certain Banks, Debtors, Creditors, Unsecured Loans and Loans & Advances are subject to confirmation & reconciliation, if any.

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

8. Previous Year's figures have been regrouped/recast wherever necessary.

9. Figures have been rounded off to the nearest rupee.

10. Schedules A to J and 1 to 9 from an integral part of the Accounts and have been duly authenticated.

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Mar 31, 2010

1. LEGAL STATUS:

The assessee is a Public Limited Company, formed vide Certificate of Incorporation dated 27th July, 1993, assessed to Income Tax at Mumbai.

2. BUSINESS ACTIVITY :

The Assessee is into the business of Manufacturing of Barrels and Trading of CRCA Coil.

CURRENT YEAR PREVIOUS YEAR

Rs. Rs.

3. Contingent liability not provided for

Bank Guarantees 11,19,17,181 10,97,44,917

4. In relation to Accounting Standard 22 Accounting for Taxes on Income issued by Ttie Institute of Chartered Accountants of India, the Company has unabsorbed depreciation and accumulated losses in terms of income tax and there is no virtual certainly supported by convincing evidence as regards future profitability to wipe off the losses and hence no effect on timing difference in the accounts is given.

5. The Company has only one business segment and there is no geographical Segment, hence reporting details prescribed in Accounting Standard 17 segment reporting have not been provided in these financial statement.

6. The outstanding Balance of certain Banks, Debtors, Creditors, Unsecured Loans and Loans & Advances are subject to confirmation & reconciliation, if any.

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

8. Previous Years figures have been regrouped/recast wherever necessary.

9. Figures have been rounded off to the nearest rupee.

10. Schedules A to J and 1 to 9 from an integral part of the Accounts and have been duly authenticated.