Notes to Accounts of Sunday Exports Ltd.

Mar 31, 2012

01. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

Income Tax demands disputed in appeal for Rs. 168.59 Lacs (previous year Rs. 168.59 Lacs)

02. No provision has been made in accounts for the gratuity, which is not conformity with the Accounting Standard AS-15 viz. '' Accounting for Retirement Benefits'' issued by the Institute of Chartered Accounts of India.

03. The Company does not posses information and/or have separate records of supplies of small scale or Ancillary industries defined under the ''Interest on delayed payment of small scale and Ancillary undertaking Act, 1993: In the absence of such information, interest on overdue amounts to such supplies, if any as on 31st march 2012 is not ascertained and hence not provided for However, the company has not received and claims in respect of interest.

04. Income tax Assessment of the company have been finalized upto and including Assessment Year 2006-07. In view of carry forwarded losses, no provision for taxation is made for the current year.

05. The Company does not have the practice to call for balance confirmation in respect of Loans and Advances, Deposites, Sunday Debtors and Sunday Creditors and hence the same shown as per the books of accounts and are subject to confirmations and reconciliation, if any.

06. The Company''s operations relate only to Textile Segment and hence has only > single reportable segment.

07. Related party transaction are noted here below :

08. The Company is entitled to set-off carried forward losses and unabsorbed depreciation against the future taxable profits. As a matter of prudence the company is not recognizing the Deferred Tax Assets in respect of the same, as provided in the Accounting Standard AS-22 viz. ''Accounting for Taxes on Income'' issued by the Institute of Chartered Accounts of India.

09. The previous year''s figures has been reworked, regrouped, rearranged and/ or reclassified wherever necessary.

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Mar 31, 2011

1. No provision has been made in accounts fro the gratuity, which is not conformity with the Accounting Standard AS - 15 viz. 'Accounting for Retirement Benefits' issued by the Institute of Chartered Accountants of India.

2. The Company does not possess information and/or have separate records of suppliers of Small Scale or Ancillary Industries defined under the Tensest' on Delayed Payments of Small Scale and Ancillary Undertakings Act, 1993.' In the absence of such information, interest on overdue amounts , fo such suppliers, if any. as on 31st March, 20/1 is not ascertained and hence not provided for.

However, the Company has not received and claims in respect of interest.

3. Income tax Assessments of the Company have been finalized upto and including Assessment Year 2006-07. In view of carry forward losses, no provision for taxation is made for the current year.

4. The Company does not have the practice to call for balance confirmation in respect of Loans and Advances, Deposits, Sundry Debtors and Sundry Creditors and hence the same shown as per the books of accounts and are subject to confirmations and reconciliation, if any.

5. The Company's operations relate only to Textile Segment and hence has only single reportable segment.

6. Related Party Transaction are noted here below:

7. The Company is entitled to set-off carried forward losses and unabsorbed depreciation against the future taxable profits. As a matter of prudence the Company is not recognizing the Deferred Tax Assets in respect of the same, as provided in the Accounting Standard AS - 22 viz. 'Accounting for Taxes on Income' issued by the Institute of Chartered Accountants on India.

8. The previous year's figures has been reworked, regrouped, rearranged and/or reclassified wherever necessary.

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Mar 31, 2010

(01) Contingent Liabilities Not Provided For In Respect Of :

Income Tax demands disputed in appeal Rs. 168.59 lacs (Previous Year Rs. 168.59 lacs)

02. No provision has been made in accouts fro the gratuity, which is not conformity with the Accounting Standard AS - 15 viz. Accounting for Retirement Benefits issued by the Insitute of Charterted Accountants of India.

03. The Company does not possess information and/or have separate records of suppliers of Small Scale or Ancillary Industries defined under the Interest on Delayed Payments of Small Scale and Ancillary Undertakings Act, 1993. In the absence of such information, interest on overdue amounts to such suppliers, if any, as on 31s March, 2010 is not ascertained and hence not provided for. However, the Company has not received and claims in respect of interest.

04. Income tax Assessments of the Company have been finalized upto and including Assessment Year 2006-07. In view of carry forward losses, no provision for taxation is made for the current year.

05. The Company does not have the practice to call for balance confirmation in respect of Loans and Advances, Deposits, Sundry Debtors and Sundry Creditors and hence the same shown as per the books of accounts and are subject to confirmations and reconciliation, if any.

06. The Companys operations relate only to Textile Segment and hence has only single reportable segment.

07. Related Party Transaction are noted here below:

08. The Company is entitled to set-off carried forward losses and unabsorbed depreciation against the future taxable profits. As a matter of prudence the Company is not recognizing the De- ferred Tax Assets in respect of the same, as provided in the Accounting Standard AS - 22 viz. Accounting for Taxes on Income issued by the Institute of Chartered Accountants on India.

09. The previous years figures has been reworked, regrouped, rearranged and/or reclassified wherever neccessary.

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Mar 31, 2009

(01) Contingent Liabilities Not Provided For In Respect Of :

Income Tax demands disputed in appeal Rs. 168.59 lacs (Previous Year Rs. 168.59 lacs)

02. No provision has been made in accouts fro the gratuity, which is not conformity with the Accounting Standard AS - 15 viz. "Accounting for Retirement Benefits issued by the Insitute of Charterted Accountants of India.

03. The Company does not possess information and/or have separate records of suppliers of Small Scale or Ancillary Industries defined under the Interest on Delayed Payments of Small Scale and Ancillary Undertakings Act. 1993. In the absence of such information, interest on overdue amounts to such suppliers, if any. as on 31st March, 2009 is not ascertained and hence not provided for. Howcvcr, the Company has not received and claims in respect of interest.

04. Income tax Assessments of the Company have been finalized upto and including Assessment Year 2006-07. In view of carry forward losses, no provision for taxation is made for the current year.

05. The Company does not have the practice to call for balance confirmation in respect of Loans and Advances. Deposits. Sundry Debtors and Sundry Creditors and hence the same shown as per the books of accounts and are subject to confirmations and reconciliation, if any.

06. The Companys operations relate only to Textile Segment and hence has only single reportable segment.

07. Related Party Transaction are noted here below:

08. The Company is entitled to set-off carried forward losses and unabsorbed depreciation against the future taxable profits. As a matter of prudence the Company is not recognizing the De- ferred Tax Assets in respect of the same, as provided in the Accounting Standard AS - 22 viz. Accounting for faxes on Income issued by the Institute of Chartered Accountants on India.

09. The previous years figures has been reworked, regrouped, rearranged and/or reclassified wherever neccessary.