Notes to Accounts of Seasons Textiles Ltd.

Mar 31, 2025

J. Provisions, Contingent Liabilities and Contingent Assets:

For the provisions, contingent liabilities and contingent assets, provisions of Ind AS 37 have been
adhered. A provision is recognised when the company has a present obligation as a result of a past
event and it is probable that an outflow of resources will be required to settle the obligation and in
respect of which a reliable estimate can be made. Provisions are determined based on management
estimate required to settle the obligation at the balance sheet date and are not discounted to
present value. Contingent liabilities are disclosed on the basis of judgment of the
management/independent experts. Contingent Assets are also disclosed on the basis of judgment
of the management/independent experts. These are reviewed at each balance sheet date and are
adjusted to reflect the current management estimate.

K. Employees Benefits:

Ind AS 19 on the aspects of employee benefits have been adhered and the actuarial impact have
been shown in the other comprehensive income.

1) Short Term Employee Benefits:-

Short Term Employee Benefits are recognized as an expense on an undiscounted basis in the Profit
& Loss account of the year in which the related service is rendered.

2) Post Employment Benefits:-

(a) Defined Contribution Plan:

The Employer''s contribution to the Provident Fund and Pension Scheme, a defined contribution
plan is made in accordance with the Provident Fund Act, 1952 read with the Employees Pension
Scheme, 1995

(b) Defined Benefit Plan:

The liability for gratuity is provided through a policy taken from Life Insurance Corporation of India
(LIC) by an approved trust formed for that purpose. The present value of the company''s obligation
is determined on the basis of actuarial valuation at the year end and the fair value of plan assets
is reduced from the gross obligations under the gratuity scheme to recognize the obligation on a
net basis

L. Taxation:

Provision for current tax is made and retained in the accounts on the basis of estimated tax liability
as per the applicable provisions of the Income Tax Act, 1961.

(a) Deferred tax assets and liability are recognised for timing differences, using the balance sheet
approach, based on tax rates that have been enacted or substantively enacted by the Balance Sheet
date. Where there are unabsorbed depreciation or carry forward losses, Deferred tax assets are
recognised only if there is virtual certainly of realisation of such assets. Other deferred tax assets
are recognised only to the extent there is reasonable certainly of realisation in future.Ind AS 12
principles have been adhered on the calculation of deferred taxes using the Balance sheet approach
and the same are accounted in the non current assets/ liabilities depending upon the workings on
the amounts provided.

M. Borrowing Costs:

Borrowing costs that are attributable to the acquisition of or construction of qualifying
assets are capitalized as part of the cost of such assets. A qualifying assets is one that
necessarily takes substantial period of time to get ready for its intended use. All other
borrowing costs are charged to revenue.

N. Impairment of Assets:

Intangible Assets and property, plant & equipment

Intangible assets and property, plant & equipment are evaluated for recoverability whenever events
or changes in circumstances indicate that their carrying amount may not be recoverable. For the
purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to
sell and the value-in-use) is determined on an individual asset basis unless the asset does not
generate cash flows that are largely independent of those from other assets. In such case, the
recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the statement of
profit and loss is measured by the amount by which the carrying value of the assets exceeds the
estimated recoverable amount of the asset. An impairment loss is reversed in the statement of
profit and loss if there has been a change in the estimates used to determine the recoverable
amount. The carrying amount of the asset is increased to its revised recoverable amount, provided
that this amount does not exceed the carrying amount that would have been determined (net of
any accumulated amortization or depreciation) has no impairment loss been recognized for the
asset in prior years.

Financial Assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial
assets which are not fair value through profit or loss.

Loss allowance for trade receivables with no significant financing component is measured at an
amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at
an amount equal to the 12 month ECL, unless there has been a significant increase in credit risk
from initial recognition in which case those are measured at lifetime ECL.

O. Earning Per Share:

The earnings considered in ascertaining the Company''s EPS comprises of net profit after tax. The
number of shares used in computing basic EPS is the weighted average number of shares
outstanding during the period. The diluted EPS is calculated on the same basis as basic EPS, after
adjusting for the effects of potential dilutive equity shares unless the effect of the potential dilutive
share is anti-dilutive.

P. Fair Value Measurement:

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market price in active markets for identical assetsor liabilities

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable

Level 3- Valuation techniques for which the lower level input that is significant to the fair value
measurement is Unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, Seasons
Textiles Ltd. determines whether transfers have occurred between levels in the hierarchy by re¬
assessing categorization (based on the lowest level input that is significant to the fair value
measurement as a whole) at the end of each reporting period or each case.

For the purpose of fair value disclosure, Seasons Textiles Ltd. has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of
the fair value hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given
in the relevant notes.

• Disclosures for valuation methods, significant estimates and assumption

• Quantitative disclosures of fair value measurement hierarchy

Q. Current versus non-current classifica7on:

The Company presents assets and liabilities in the balance sheet based on current/non-current
classification. An asset is treated as current when it is:

(a) expected to be realised in, or is intended to be sold or consumed in normal operating cycle;

(b) held primarily for the purpose of being traded;

(c) expected to be realised within 12 months after the reporting date; or

(d) cash or cash equivalent unless restricted from being exchanged or used to settle a liability
for at least 12 months after the reporting date.

All other assets are classified as non-current.

A Liability is current when:

(e) it is expected to be settled in normal operating cycle;

(f) it is held primarily for the purpose of being traded;

(g) it is due to be settled within 12 months after the reporting date; or

(h) the Company does not have an unconditional right to defer settlement of the liability for at
least 12 months after the reporting date.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Operating cycle

Operating cycle is the time between the acquisition of assets for processing and their realisation in
cash or cash equivalents. The Company has identified twelve months as its operating cycle.

R. Risk Management and disclosures:

In compliance with Ind AS 107 with regard to disclosures - The nature and extent of risks arising from
financial instruments to which Seasons Textiles Limited is exposed during the period and at the end
of the reporting period, and how Seasons Textiles Limited is managing these risks.

i) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The company is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities including loans/advances etc
given to employees.

ii) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and
collateral obligations without incurring unacceptable losses.

iii) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market prices comprise three types of risk:

1. Currency rate risk,

2. Interest rate risk and

3. Other price risks, such as equity price risk and commodity risk.

Financial instruments affected by market risk include loans and borrowings, deposits and investments.

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates. The company is into export business as well
and there are risks in relation to foreign currency exposure for the un-hedged portion.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market interest rates.

Environment:- The company operates in a market oriented environment. There is a stiff competition
from various players in the domestic and international market as well.

Any variation in prices of material, interest rate, currency exchange rate variations and other price risk

variations impact the profitability of the company.

Management of those Risks (mitigants)-

1. The Company extends credit to customers in normal course of business. The Company
monitors the payment track record of the customers. Outstanding customer receivables are
regularly monitored and any expected losses are provided for as well.

2. The Company evaluates the concentration of risk with respect to trade receivables as low, as
its customers are mainly Distributors and exports and the past track records do not envisage
any defaults on the payments seen so far and all payments are either though LC or through
secured payments.

3. The Company does not envisage either impairment in the value of receivables from customers
or loss due to time value of money due to delay in realization of trade receivables.

4. However, the Company assesses outstanding trade receivables on an ongoing basis
considering changes in operating results and payment behavior and provides for expected
credit loss on case-to-case basis.

5. As at the reporting date, company does not envisage any default risk on account of non¬
realisation of trade receivables.

NOTE-26 OTHERNOTES ON ACCOUNTS

(All figures are in ''00000 except otherwise stated)

a. Previous year figures have been re-arranged and regrouped to make it comparable with the
current year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-

Contingent Liabilities

a. Foreign bill (Export) Rs.42.37 & under letter of Credit Rs.244.41(Previous
Year Foreign Bill (Export) Rs.143.30 & under letter of Credit Rs.269.12)

Commitments

a. Estimated amount of contract remaining to be executed on Capital Account and not provided for
is - NIL

b. All the known liabilities have been provided for and there are no disputed liabilities as
confirmed by the directors

c. Wherever the balance confirmation is not available from the parties, the balances as
appearing in the books of account have been considered.

d. Profit & Loss account includes remuneration to Auditors as given below:

h. Segmental Information: -

The Company has only one business segment of Textiles only. The company operates its business
from India. Therefore, there is only one business and geographical segment.

i. Deferred Taxation:

In accordance with Indian Accounting Standard (Ind AS) the deferred tax liability (on account of
timing difference) for the current year amounted to Rs.182.64. (Previous year Rs.175.97).

j. In the opinion of the management, the 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 in the Balance Sheet.

k. In terms of Ind AS 36 on Impairment of Assets, the assets are not impaired because the
recoverable amount of fixed assets collectively determined by the present value of estimated
future cash flows is higher than its carrying value.

l. Tour and Travelling Expenses include Rs.6.75. (Previous Year Rs.9.01) on account of Directors.

m. VALUE OF IMPORT ON CIF BASIS:

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Indian

Accounting Standard (Ind AS) 7 on Statement of Cash Flow issued by the Institute of Chartered

Accountants of India.

q. Other Statutory Information

• The Company does not have any Benami property, where any proceeding has been initiated
or pending against the Company for holding any Benami property.

• The Company does not have any transactions with companies struck off.

• The Company does not have any charges or satisfaction which is yet to be registered with
ROC beyond the statutory period.

• The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.

• The Company has not advanced or loaned or invested funds in any other person(s) or
entity(ies), including foreign entities (Intermediaries) with the understanding that the
Intermediary shall:

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

(b) provide any guarantee, security or the like to 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 recorded in writing or otherwise)
that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

• The Company does not have any such transaction which is not recorded in the books of
accounts that has been surrendered or disclosed as income during the year inthe tax
assessments under the Income Tax Act, 1961 such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961.

As per our Separate Report of
even date as annexed hereto.

For M/s Bhatia & Bhatia

Chartered Accountants

Firm''s Registration Number- 003202N For and on behalf of the Board

C.A. Ravinder Bhatia Inderjeet S. Wadhwa Kavita Rani

Proprietor Chairman & Managing Director Director

Membership No. 017572

UDIN:25017572BMKNRE4782

Sanjay Katyal Saurabh Arora

Chief Financial Officer Company Secretary

Place: New Delhi
Date: 20/05/2025

---

Mar 31, 2024

J. Provisions, Contingent Liabilities and Contingent Assets:

For the provisions, contingent liabilities and contingent assets, provisions of Ind AS 37 have been adhered.
A provision is recognised when the company has a present obligation as a result of a past event and it is
probable that an outflow of resources will be required to settle the obligation and in respect of which a
reliable estimate can be made. Provisions are determined based on management estimate required to
settle the obligation at the balance sheet date and are not discounted to present value. Contingent
liabilities are disclosed on the basis of judgment of the management/independent experts. Contingent

Assets are also disclosed on the basis of judgment of the management/independent experts. These are
reviewed at each balance sheet date and are adjusted to reflect the current management estimate.

K. Employees Benefits:

Ind AS 19 on the aspects of employee benefits have been adhered and the actuarial impact have been
shown in the other comprehensive income.

1) Short Term Employee Benefits:-

Short Term Employee Benefits are recognized as an expense on an undiscounted basis in the Profit & Loss
account of the year in which the related service is rendered.

2) Post Employment Benefits:-

(a) Defined Contribution Plan:

The Employer''s contribution to the Provident Fund and Pension Scheme, a defined contribution plan is
made in accordance with the Provident Fund Act, 1952 read with the Employees Pension Scheme, 1995

(b) Defined Benefit Plan:

The liability for gratuity is provided through a policy taken from Life Insurance Corporation of India (LIC)
by an approved trust formed for that purpose. The present value of the company''s obligation is
determined on the basis of actuarial valuation at the year end and the fair value of plan assets is reduced
from the gross obligations under the gratuity scheme to recognize the obligation on a net basis

L. Taxation:

(a) Provision for current tax is made and retained in the accounts on the basis of estimated tax liability as per the
applicable provisions of the Income Tax Act, 1961.

(b) Deferred tax assets and liability are recognised for timing differences, using the balance sheet approach, based on
tax rates that have been enacted or substantively enacted by the Balance Sheet date. Where there are unabsorbed
depreciation or carry forward losses, Deferred tax assets are recognised only if there is virtual certainly of
realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainly
of realisation in future.Ind AS 12 principles have been adhered on the calculation of deferred taxes using the
Balance sheet approach and the same are accounted in the non current assets/ liabilities depending upon the
workings on the amounts provided.

M. Borrowing Costs:

Borrowing costs that are attributable to the acquisition of or construction of qualifying
assets are capitalized as part of the cost of such assets. A qualifying assets is one that necessarily

takes substantial period of time to get ready for its intended use. All other borrowing costs are
charged to revenue.

N. Impairment of Assets:

Intangible Assets and property, plant & equipment

Intangible assets and property, plant & equipment are evaluated for recoverability whenever events or
changes in circumstances indicate that their carrying amount may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-
in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are

largely independent of those from other assets. In such case, the recoverable amount is determined for
the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the statement of profit
and loss is measured by the amount by which the carrying value of the assets exceeds the estimated
recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there
has been a change in the estimates used to determine the recoverable amount. The carrying amount of
the asset is increased to its revised recoverable amount, provided that this amount does not exceed the
carrying amount that would have been determined (net of any accumulated amortization or depreciation)
has no impairment loss been recognized for the asset in prior years.

Financial Assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets
which are not fair value through profit or loss.

Loss allowance for trade receivables with no significant financing component is measured at an amount
equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount
equal to the 12 month ECL, unless there has been a significant increase in credit risk from initial recognition
in which case those are measured at lifetime ECL.

O. Earning Per Share:

The earnings considered in ascertaining the Company''s EPS comprises of net profit after tax. The number
of shares used in computing basic EPS is the weighted average number of shares outstanding during the
period. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of
potential dilutive equity shares unless the effect of the potential dilutive share is anti-dilutive.

P. Fair Value Measurement:

All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market price in active markets for identical assets or liabilities

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable

Level 3- Valuation techniques for which the lower level input that is significant to the fair value
measurement is Unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis , Seasons
Textiles Ltd. determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorization (based on the lowest level input that is significant to the fair value measurement as a whole
) at the end of each reporting period or each case.

For the purpose of fair value disclosure, Seasons Textiles Ltd. has determined classes of assets and
liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the
fair value hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes.

• Disclosures for valuation methods, significant estimates and assumption

• Quantitative disclosures of fair value measurement hierarchy

Q. Current versus non-current classification:

The Company presents assets and liabilities in the balance sheet based on current/non-current
classification. An asset is treated as current when it is:

(a) expected to be realised in, or is intended to be sold or consumed in normal operating cycle;

(b) held primarily for the purpose of being traded;

(c) expected to be realised within 12 months after the reporting date; or

(d) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12
months after the reporting date.

All other assets are classified as non-current.

A Liability is current when:

(e) it is expected to be settled in normal operating cycle;

(f) it is held primarily for the purpose of being traded;

(g) it is due to be settled within 12 months after the reporting date; or

(h) the Company does not have an unconditional right to defer settlement of the liability for at least 12 months
after the reporting date.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

Operating cycle

Operating cycle is the time between the acquisition of assets for processing and their realisation in cash or
cash equivalents. The Company has identified twelve months as its operating cycle.

R. Risk Management and disclosures:

In compliance with Ind AS 107 with regard to disclosures - The nature and extent of risks arising from
financial instruments to which Seasons Textiles Limited is exposed during the period and at the end of the
reporting period, and how Seasons Textiles Limited is managing these risks.

i) Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The company is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities including loans/advances etc given to
employees.

ii) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral
obligations without incurring unacceptable losses.

iii) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market prices comprise three types of risk:

1. Currency rate risk,

2. Interest rate risk and

3. Other price risks, such as equity price risk and commodity risk.

Financial instruments affected by market risk include loans and borrowings, deposits and investments.

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The company is into export business as well and there are risks
in relation to foreign currency exposure for the un-hedged portion.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.

Environment :-The company operates in a market oriented environment. There is a stiff competition from
various players in the domestic and international market as well.

Any variation in prices of material, interest rate, currency exchange rate variations and other price risk
variations impact the profitability of the company.

Management of those Risks (mitigants)-

1. The Company extends credit to customers in normal course of business. The Company monitors the
payment track record of the customers. Outstanding customer receivables are regularly monitored
and any expected losses are provided for as well.

2. The Company evaluates the concentration of risk with respect to trade receivables as low, as its
customers are mainly Distributors and exports and the past track records do not envisage any defaults
on the payments seen so far and all payments are either though LC or through secured payments.

3. The Company does not envisage either impairment in the value of receivables from customers or loss
due to time value of money due to delay in realization of trade receivables.

4. However, the Company assesses outstanding trade receivables on an ongoing basis considering
changes in operating results and payment behaviour and provides for expected credit loss on case-
to-case basis.

5. As at the reporting date, company does not envisage any default risk on account of non-realisation of
trade receivables.

NOTE-26 OTHER NOTES ON ACCOUNTS

(All figures are in ''00000 except otherwise stated)

a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year
figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-
Contingent Liabilities

h. Segmental Information: -

The Company has only one business segment of Textiles only. The company operates its business from India.
Therefore, there is only one business and geographical segment.

i. Deferred Taxation:

In accordance with Indian Accounting Standard (IndAS) the deferred tax liability (on account of timing difference
) for the current year amounted to Rs.175.97. (Previous year Rs.183.84).

j. In the opinion of the management, the Current Assets, Loans and Advances have avalue on realisation in
the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

k. In terms of Ind AS 36 on Impairment of Assets, the assets are not impaired because the recoverable amount of
fixed assets collectively determined by the present value of estimated future cash flows is higher than its
carrying value.

p. Statement of Cash Flow:

The Statement of Cash Flow has been compiled from and is based on the Balance Sheet as on March 31, 2024
and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Indian Accounting
Standard (Ind AS) 7 on Statement of Cash Flow issued by the Institute of Chartered Accountants of India.

q. Other Statutory Information

• The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.

• The Company does not have any transactions with companies struck off.

• The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

• The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

• The Company has not advanced or loaned or invested funds in any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

(b) provide any guarantee, security or the like to 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 recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Funding Party (Ultimate Beneficiaries)

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

• The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

As per our Separate Report of
even date as annexed hereto.

For M/s Bhatia & Bhatia
Chartered Accountants

Firm''s Registration Number- 003202N For and on behalf of the Board

C.A. Ravinder Bhatia Inderjeet S. Wadhwa Neelam Wadhwa

Proprietor Chairman & Managing Director Director

Membership No. 017572

UDIN: UDIN: 24017572BKAUCF4801

Sanjay Katyal Saurabh Arora

Chief Financial Officer Company Secretary

Place : New Delhi
Date :24/05/2024

---

Mar 31, 2015

NOTE 1: CORPORATE INFORMATION

Seasons Textiles Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Manufacturing, Trading and Export of Furnishing Fabrics.

NOTE-2 OTHER NOTES ON ACCOUNTS

a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-

Contingent Liabilities

a. Bills and Cheques Discounted Rs. 2,35,01,123/- ( Previous year Rs. 2,80,09,932/-)

Commitments

a. Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL

b. All the known liabilities have been provided for and there are no disputed liabilities as confirmed by the directors

c. Wherever the balance confirmation is not available from the parties, the balances as appearing in the books of account have been considered.

d. Profit & Loss account includes remuneration to Auditors as given below:

e. Capital work in progress relates to installation of Plant & Machinery for expansion cum modernisation project at Barhi, Sonepat, Haryana.

f. Related Party Disclosures:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

1) List of Related Parties

Associate Companies: Seasons Furnishings Ltd.

Key management personnel and relatives :Inderjeet S. Wadhwa, Mandeep S. Wadhwa & Neelam Wadhwa.

Relatives: Jasmer Singh Wadhwa & Gursheen Wadhwa.

Other Related Parties:S9 Home Pvt. Ltd., Seasons Lifestyles Pvt. Ltd& Walnut Furnishings Pvt Ltd.

g. Segmental Information:

The Company has only one business segment of Textiles only. The company operates its business from India. Therefore, there is only one business and geographical segment.

h. Deferred Taxation: In accordance with Accounting Standard (AS) 22, issued by Institute of Chartered Accountants of India, the deferred tax liability (on account of timing difference) for the current year amounted to Rs. 4,50,68,097/-. (Previous year Rs. 4,56,26,222/-).

i. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, Interest paid during the year and Interest payable/accrued/unpaid at the end of the accounting year, has not been provided.

j. In the opinion of the management, the 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 in the Balance Sheet

k. In terms of 'Accounting Standard (AS) 28', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value of estimated future cash flows is higher than its carrying value.

l. Tour and Travelling Expenses include Rs.4,21,748/- .(Previous Year Rs.8,61,561/-) on account of Directors.

m. Cash Flow Statement:

The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31,2015 and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountant of India.

As per our Separate Report of even date as annexed hereto.

---

Mar 31, 2014

NOTE 1: CORPORATE INFORMATION

Seasons Textiles Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Manufacturing, Trading and Export of Furnishing Fabrics.

NOTE 24 : OTHER NOTES ON ACCOUNTS

a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:- Continaent Liabilities

a) Bills and Cheques Discounted Rs. 2,80,09,932/- ( Previous year Rs.1,99,12,945/-)

b) Contingent Liabilities not provided for in respect of Corporate Guarantee given by the Company to IDBI Bank Ltd. amounting to Rs.5,00,00,000/ - (Previous year Rs.11,65,00,000/-) in respect of loans given by the Bank to Seasons Furnishings Ltd.

Commitments

(a) Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL

c. All the known liabilities have been provided for and there are no disputed liabilities asconfirmed by the directors

d. Wherever the balance confirmation is not available from the parties, the balances as appearing in the books of account have been considered.

g. Capital work in progress relates to installation of Plant & Machinery for expansion cum modernisation project at Barhi, Sonepat, Haryana.

h. Related Party Disclosures:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

1) List of Related Parties

Associate Companies: Seasons Furnishings Ltd.

Key management personnel and relatives : Inderjeet S. Wadhwa and Mandeep S. Wadhwa.

Relatives: TejKaur, NeelamWadhwa,Jasmer Singh Wadhwa Other Related Parties: S9 Home Pvt. Ltd., Seasons Lifestyles Pvt. Ld.

j. Segmental Information: -

The Company has only one business segment of Textiles only. The company operates its business from India. Therefore, there is only one business and geographical segment.

k. Deferred Taxation:

In accordance with Accounting Standard (AS) 22, issued by Institute of Chartered Accountants of India, the deferred tax liability (on account of timing difference ) for the current year amounted to Rs.4,56,26,222/-.(Previous year Rs.4,60,78,722/-).

l. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, Interest paid during the year and Interest payable/accrued/unpaid at the end of the accounting year, has not been provided.

m. In the opinion of the management, the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business, at least equalto the amount at which they are stated in the Balance Sheet

n. In terms of ''Accounting Standard (AS) 28'', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value of estimated future cash flows is higher than its carrying value.

o. Tour and Travelling Expenses include Rs.8,61,561- .(Previous Year Rs.3,79,064/-) on account of Directors.

s. Cash Flow Statement:

The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31, 2014 and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India.

NOTES:

1) A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself / herself and such proxy need not be a member of the Company. Proxies in order to be effective must be lodged at the registered office of the Company not less than 48 hours before the commencement of the meeting. Proxies submitted on behalfof limited companies, societies, etc., must be supported by appropriate resolutions/authority, as applicable. A person can act as proxy on behalf of Members not exceeding fifty (50) and holding in the aggregate not more than 10% of the total share capital of the Company. In case a proxy is proposed to be appointed by a Member holding more than 10% of the total share capital of the Company carrying voting rights, then such proxy shall not act as a proxy for any other person or shareholder.

2) The Register of Members and Share Transfer Register of the Company will remain closed from 29th September, 2014 to 30th September, 2014 (both days inclusive).

3 ) A Member desirous of getting any information on the accounts or operations of the Company, is requested to forward his / her queries to the Company at least seven working days prior to the meeting, so that the required information can be made available at the meeting.

4) Members holding shares in physical form, are requested to notify immediately any change in their address and Bank particulars to the Company or its Share Transfer Agents. In case the shares are held in dematerialized form, this information should be furnished directly, without any delay, to their respective Depository Participants.

5) In all correspondence with the Company, Members are requested to quote their folio number and in case their shares are held in the dematerialized form, they must quote their DP ID and Client ID Number.

6) Members are requested to bring their copies of the Annual Report in the meeting and the Attendance Slip, duly filled-in and signed as per the specimen signature recorded with the Company / Depository Participant for attending the meeting.

Members, who hold shares in dematerialized Form, are requested to write their Client ID and DP ID Nos., and those who hold shares in physical form are requested to write their Folio Number in the attendance slip for attending the meeting.

7) The Ministry of Corporate Affairs has taken a "Green Initiate in Corporate Governance" by allowing service of notice/documents including Annual Report by email to its members.

Those who are holding shares in demat form may register their email address and PAN to their respective Depository Participants.

Those holding shares in physical form may register their email address and PAN with Registrar & Share Transfer Agent Skyline Financial Services Private Limited or to the Company Secretary at [e-mail] or corporate office of the Company.

8) Notice is being sent to all the members of the Company whose names appear in the Register of Members / Record of Depositories as on Friday, August 29, 2014 ("Cut- off date" or "Record date"). Voting rights shall be reckoned on the paid up value of the shares registered in the name of the members of the Company as on Cut-off date / Record date i.e. August 29, 2014.

9) Voting through electronic means

In compliance with provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 and clause 35B of Listing Agreement with Stock Exchanges, the Company is pleased to provide members facility to exercise their right to vote at the meeting by electronic means and the business may be transacted through e-Voting Services provided by Central Depository Service Limited (CDSL).

The instructions for members for voting electronically are as under:

(i) Log on to the e-voting website www.evotingindia.com during the voting period

(ii) Click on "Shareholders" tab

(iii) Now Enter your User ID

(a) For CDSL: 16 digits beneficiary ID

(b) For NSDL: 8 Character DP ID followed by 8 DigitsClient ID

(c) Members holding shares in Physical Form:

Enter Folio Number registered with the Company

(d) Next enter the Image Verification Code / Captcha Code as displayed and Click on Login

(e) If you are holding shares in Demat form and had logged on to www.evotingindia.com and casted your vote earlier for EVSN of any company/entity, then your existing password is to be used. If you are a first time user follow the steps given below:

(iv) Fill up the following details in the appropriate boxes:

PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (in Capital)(Applicable for both demat shareholders as well as physical shareholders)

Members who have not updated their PAN with the Company/ Depository Participant are requested to use the first two letters of their name and the last 8 digits of the demat account/folio number in the PAN field.

In case the folio number is less than 8 digits enter the applicable number of 0''s before the number after the first two characters of the name in CAPITAL letters. Eg. If your name is Ramesh Kumar with folio number 100 then enter RA00000100 in the PAN field.

DOB# Enter the Date of Birth (DOB) as recorded in your demat account or in the Bank records for the said demat account or folio in dd/mm/yyyy format.

Dividend Enter the Dividend Bank Details as recorded in your demat Bank account or in the Bank records Details# for the said demat account or folio.

# Please enter the DOB or Dividend Bank Details in order to login. If the details are not recorded with the depository participant or company, please enter the number of shares held by you as on the cut off date i.e. August 29, 2014 in the Dividend Bank details field.

(v) After entering these details appropriately, click on "SUBMIT" tab.

(vi) Members holding shares in physical form will then reach directly the EVSN selection screen. However, members holding shares in demat form will now reach ''Password Creation'' menu wherein they are required to mandatorily enter their login password in the new password field.

Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that company opts for e-voting through CDSL platform.

It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

(vii) For Members holding shares in physical form, the details can be used only for e-voting on the resolution contained in this Notice.

(viii) Click on the relevant EVSN of SEASONS TEXTILES LIMITED on which you choose to vote.

(ix) On the voting page, you will see RESOLUTION DESCRIPTION and against the same option "YES/NO" for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

(x) Click on the "RESOLUTIONS FILE LINK" if you wish to view the entire Resolutions.

(xi) After selecting the resolution you have decided to vote on, click on "SUBMIT". A confirmation box will be displayed

If you wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL" and accordingly modify your vote.

(xii) Once you "CONFIRM" your vote on the resolution, you will not be allowed to modify your vote.

(xiii) You can also take out print of the voting done by you by clicking on "Click here to print" option on the Voting page.

(xiv) If Demat account holder has forgotten the changed password then enter the User ID and image verification code / Captcha Code and click on Forgot Password & enter the details as prompted by the system.

(xv) A. Institutional shareholders (i.e. other than Individuals, HUF, NRI etc.) are required to log on to www.evotingindia.com and register themselves as Corporates

B. They should submit a scanned copy of the Registration Form bearing the stamp and sign of the entity to [e-mail].

C. After receiving the login details they have to create a user who would be able to link the account(s) which they wish to vote on.

D. The list of accounts should be mailed to [e-mail] and on approval of the accounts they would be able to cast their vote.

E. They should upload a scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, in

PDF format in the system for the scrutinizer to verifythe same.

(xvi) The e-voting period commences on Monday, September 22, 2014 (10.00 am) and ends on Wednesday, September 24, 2014 (6.00 pm). During this period shareholders of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date/record date i.e. August 29, 2014 may cast their vote electronically. The voting rights of shareholders shall be in proportion to their shares in the paid up equity share capital of the Company as on the cut-off date/record date.

(xvii) In case you have any queries or issues regarding e-voting, please contact [e-mail].

(xviii) Mr. Pramod Kothari, Practicing Company Secretary, (Membership No. FCS 7091) has been appointed as the Scrutinizer to scrutinize the e-voting process in a fair and transparent manner.

(xix) The Scrutinizer shall within a period not exceeding three (3) working days from the conclusion of the e-voting period unblock the votes in the presence of at least two (2) witnesses not in the employment of the Company and make a Scrutinizer''s Report of the votes cast in favour or against, if any, and forthwith to the Chairman of the Company.

(xx) In the event of poll, please note that the members who have exercised their right to vote through electronic means as above shall not be eligible to vote by way of poll at the meeting. The poll process shall be conducted and report thereon shall be prepared in accordance with Section 109 of the Act read with relevant rules. In such an event, votes cast under Poll taken together with the votes cast through e-Voting shall be counted for the purpose of passing of resolution(s). No voting by show of hands will be allowed at the Meeting.

(xxi) Subject to receipt of sufficient votes, the resolution(s) shall be deemed to be passed at the 28thMeeting ofthe company scheduled to be held on Tuesday, 30th September 2014. The Results shall be declared on or after the meeting. The Results declared alongwith the Scrutinizer''s Report shall be placed on the Company''s website www.seasonsfurnishings.com and on the websiteof CDSL within two (2) days of passing of the resolutions at the meeting and communicated to Stock Exchanges.

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013, IN RESPECT OF SPECIAL BUSINESS FOR THE 28th ANNUAL GENERAL MEETING TO BE HELD ON 30th SEPTEMBER, 2014.

Item No. 4 to 6

In compliance of the provisions of Clause 49 of the ListingAgreement entered into with the Stock Exchanges, the Company had appointed Mr. Kailash Chandra Mehra (DIN : 00128733), Dr. Bijoya Kumar Behera (DIN : 01139185) and Dr. Pramod Kumar Hari (DIN : 01205247) as Independent Directors at various times, liable to retire by rotation.

Now, pursuant to Section 149 and any other applicable provisions, if any, of the Act and the Rules made thereunder (including any statutory modification(s) or re-enactment thereof), read with Schedule IV of the Act, the Company is required to have at least one third of the total number of Directors as Independent Directors, not liable to retire by rotation.

The Company has also received declaration under Section 149 readwith Schedule IV of the Act from Mr. Kailash Chandra Mehra, Dr. Bijoya Kumar Behera and Dr. Pramod Kumar Hari that they meet the criteria of independence.

The Board considers that continued association of these Directors would be of immense benefit to the Company and it is desirable to continue to avail their services. In the opinion of the Board, Mr. Kailash Chandra Mehra, Dr. Bijoya Kumar Behera and Dr.Pramod Kumar Hari, fulfills the conditions specified in the Act and rules made thereunder to act as Independent Directors of the Company.

In compliance with the provisions of Section 149 and Schedule IV of the Act read with the Rules made thereunder, the Board recommends the resolutions in relation to the appointments of Mr. Kailash Chandra Mehra, Dr. Bijoya Kumar Behera and Dr. Pramod Kumar Hari as Independent Directors effective from September 30, 2014 for five consecutive years, not liable to retireby rotation, for approval of members of the Company by way of Ordinary Resolutions.

Mr. Kailash Chandra Mehra, Dr. Bijoya Kumar Behera and Dr. Pramod Kumar Hari may be deemed to be concerned or interested in the resolutions relating to their own appointments.

None of the other Directors, Key Managerial Personnel of the Company and their relatives is concerned or interested, financially or otherwise, in these resolutions.

---

Mar 31, 2013

NOTE 1: CORPORATE INFORMATION

Seasons Textiles Limited is a listed public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the Manufacturing, Trading and Export of Furnishing Fabrics.

a. Previous year figures have been re-arranged and regrouped to make it comparable with the current year figures.

b. Contingent Liabilities and Commitments to the extent not provided for:-

Contingent Liabilities

a) Bills and Cheques Discounted Rs. 1,99,12,945/- (Previous year Rs.1,92,50,355/-)

b) Contingent Liabilities not provided for in respect of Corporate Guarantee given by the Company to IDBI Bank Ltd. amounting to Rs.11,65,00,000/- (Previous year Rs.11,65,00,000/-) in respect of loans given by the Bank to Seasons Furnishings Ltd.

Commitments

(a) Estimated amount of contract remaining to be executed on Capital Account and not provided for is - NIL

c. All the known liabilities have been provided for and there are no disputed liabilities asconfirmed by the directors.

d. Wherever the balance confirmation is not available from the parties, the balances asappearing in the books of account have been considered.

e. Capital work in progress relates to installation of Plant & Machinery for expansion cum modernisation project at Barhi, Sonepat, Haryana.

f. Related Party Disclosures:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

g) List of Related Parties

Associate Companies:Seasons Furnishings Ltd.

Key management personnel: Inderjeet S. Wadhwa

Relatives: Mandeep S. Wadhwa, TejKaur; Neelam Wadhwa,Sumer Singh Wadhwa, Jasmer Singh Wadhwa.

Other Related Parties: N.S. PropertiesPvt. Ltd., S9 Home Pvt. Ltd., Seasons Lifestyles Pvt. Ld.

h. Segmental Information: -

The Company has only one business segment of Textiles only. The company operates its business from India. Therefore, there is only one business and geographical segment.

i. Deferred Taxation:

In accordance with Accounting Standard (AS) 22, issued by Institute of Chartered Accountants of India, the deferred tax liability (on account of timing difference) for the current year amounted toRs.4,60,78,722/-.(Previous yearRs.495,85,668/-).

j. The Company has not received any intimation from the suppliers regarding status under Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure regarding principal amount due and the interest due thereon outstanding to suppliers as at the end of the accounting year, Interest paid during the year and Interest payable/accrued/unpaid at the end of the accounting year, has not been provided.

k. In the opinion of the management, the Current Assets, Loans and Advances have avalue on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet

l. In terms of ''Accounting Standard (AS) 28'', the assets are not impaired because the recoverable amount of fixed assets collectively determined by the present value of estimated future cash flows is higher than its carrying value.

m. Tour and Travelling Expenses include Rs. 3,79,064/- .(Previous Year Rs. 5,34,845/-) on account of Directors.

n. Cash Flow Statement:

The Cash Flow Statement has been compiled from and is based on the Balance Sheet as on March 31, 2013 and Profit & Loss Account for the year ended on that date.

The Cash Flow Statement has been prepared on the basis of indirect method as set out in the Accounting Standard - 3 on Cash Flow Statement issued by the Institute of Chartered Accountant of India.

---

Mar 31, 2010

1. Contingent Liabilities not provided for in respect of :

a) Bills and cheques discounted Rs. 2,23,84,206/- (Previous Year Rs. 96,55,098/-)

b) Guarantee given by Canara Bank on behalf of the Company and remaining outstanding as at 31st March, 2010 Rs. Nil (Previous Year Rs. 4,21,240/-).

c) Guarantees given by the Company and remaining outstanding as on 31st March, 2010 to IDBI Bank Ltd for loans granted to Seasons Furnishings Limited Rs. 11,65,00,000/- (Previous Year Rs. 8,00,00,000/- to YES Bank).

2. Capital Works in progress relates to installation of Plant & Machinery for expansion cum modernisa- tion project at Barhi, Sonepat, Haryana.

3. All debtors, creditors, loans, advances and Bank balance are subject to confirmation by the respective parties. Necessary, adjustments, if any, will be made in the books of accounts, as and when the state- ment of accounts/ balance confirmation are received from the parties.

4. In terms of Accounting Standard (AS) 28, issued by Institute of Chartered Accountants of India and a certificate issued by the management, there is no impairment of Fixed Assets of the company during the year.

5. Deferred Tax

In accordance with Accounting Standard (AS) 22, issued by Institute of Chartered Account- ants of India, the creations of deferred tax liability (on account of timing difference ) for the current year amounting to Rs. 31,18,696/- and the same has been recognised and accordingly charged to the Profit and Loss Account.

6. The name of small scale industrial undertaking to whom company owes a sum outstanding for more than 30 days is Ganga Polyester Limited.

7. Instalments Paid during the year to Banks and other Financial Institutions Rs. 1,50,80,712/- (Previous Year Rs. 2,26,45,701/-)

8. Previous Years figures have been regrouped/ recasted/ rearranged, wherever necessary.

9. EARNING IN FOREIGN CURRENCY

Export of goods calculated on FOB basis Rs. 15,07,23,186/- (previous year Rs. 13,41,64,953/-)

10. GRATUITY

As per Company policy the calculation of gratuity amount provided in Profit & Loss A/c is based on acturial valauation given by LIC.

11. RELATED PARTY DISCLOSURES:

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

1) List of Related Parties

Associate Companies : Seasons Furnishings Ltd., N.S.Properties Pvt Ltd.,

S9 Home Pvt. Ltd.

Key management personnel

and relatives : Inderjeet S. Wadhwa and Mandeep S. Wadhwa .

Relatives : Tej Kaur, Neelam Wadhwa