Notes to Accounts of York Exports Ltd.

Mar 31, 2024

Provisions are recognised when the company has a present legal or constructive
obligation as a result of past events. It is possible that an outflow of resources will be
required to settle the obligation and the amount can be reliably estimated.

Provisions are measured at the present value of management’s best estimate of the
expenditure required to settle the present obligation at the end of the reporting period.
Contingent liabilities are disclosed by way of Notes to Balance Sheet. Provision is made
in the accounts in respect of liabilities which are acknowledged by the company and which
have material effect on the position stated in the balance sheet.

xi) Impairment of non-financial assets

At each balance sheet date, the company reviews the carrying amount of its fixed assets
to determine whether there is any indication that the assets suffered any impairment loss.
If any such indication exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment of loss. Recoverable amount is higher of the assets
net selling price and value in use. In assessing value in use, estimated future cash flows
expected from the continuing use of the assets and from its disposal are discounted to
their present value using a pretax discount rate that reflects the current market assessment
of time value of money and the risks specific to the assets.

x) Taxes on Income including Deferred Tax

Current tax is determined as the amount of tax payable in respect of income for the period.
Deferred tax is recognized subject to the consideration of prudence in respect of deferred
tax assets, on timing differences, being the difference between the taxable income and
accounting income that originate in one year and are capable of reversal in one or more
year. Deferred tax assets are not recognized unless there is a sufficient assurance with
respect to its reversal in future years.

xi) Borrowing costs

General and specific borrowing costs that are directly attributable to the acquisition,
construction or production of a qualifying asset are capitalised during the period of time
that is required to complete and prepare the asset for its intended use or sale. Qualifying
assets are assets that necessarily take a substantial period of time to get ready for their
intended use or sale.

xii) Trade receivables

Trade receivables are recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method less provision for impairment.

xiii) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash
equivalents includes cash in hand and other bank balances.

xiv) Government Grant

Government Grant received toward specific fixed assets have been deducted from the
gross value of concerned fixed assets and grant received during the year towards revenue
expenditure have been reduced from respective expenses or shown as other income.

xv) Employee benefits

(i) Short term obligations

Liabilities for wages and salaries, short term compensated absence and ex-gratia
including non-monetary benefits that are expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service are
recognised in respect of employees’ services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefits obligations in the balance sheet.
Leave encashment - provision for Leave encashment is accounted and provided for at
the end of the financial year.

(ii) Post-employment obligations

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity
plans is the present value of the defined benefit obligations at the end of the reporting
period less the fair value of plan assets. The defined benefit obligation is calculated
annually by actuaries using the projected unit credit method.

The net interest cost is calculated by applying the discount rate to the net balance of the
defined benefit obligation and the fair value of plan assets. This cost is included in
employee benefit expenses in the statement of profit or loss.

Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognised in the period in which they occur, directly in other
comprehensive income. They are included in retained earnings in the statement of
changes in equity and in the balance sheet.

Changes in the present value of the defined benefit obligation resulting from plan
amendments or curtailments are recognised immediately in profit or loss as past service
cost.

(iii) Defined contribution plans

The Company pays provident fund contributions to publicly administered provident funds
as per local regulations. The Company has not further payment obligations once the
contributions have been paid.

xvi) Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior
to the end of financial year which are unpaid. The amounts are unsecured and are usually
paid within the credit period allowed. Trade and other payables are presented as current
liabilities.

xvii) Earnings per share

Basic and diluted earnings per share

Basic and diluted earnings per share is calculated by dividing:

The profit attributable to owners of the Company by the weighted average number of
equity shares outstanding during the financial year.

For and on behalf of the Board of Directors

For Nanda & Bhatia
Chartered Accountants,
(Firm Registration NO.004342N)

(A.C. Bhatia)

(Ashwani Dhawan ) (Aayush Dhawan) Partner

Mg.Director Director M.No.013791

DIN:00264986 DIN:00277485

(Jyoti Parihar)

Company Secretary (H.R.Dhawan)

& Compliance Officer) Chief Financial Officer

Place: Ludhiana
Date : 30.05.2024

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Mar 31, 2014

1. Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.11.55,000/- ( Previous year- Rs.11,55,000/- )

2. Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

3. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classification / disclosure.

4. Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs have already been received.

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Mar 31, 2013

1.1 Detail of security for term loans borrowings

Term Loans borrowings from SIDBI is secured by way of hypothecation of machinery & first charge by way of equitable mortgage of Land & Building measuring 357.77 sq. yards situated at ludhiana.

by way of equitable mortgage of Land & Building measuring 357.77 sq. yards situated at ludhiana.

Term Loans borrowings from HDFC Bank Ltd. is secured by way of hypothecation by way of first charge on plant & machinery

Terms of repayment of Term Loans

Term Loans borrowings from SIDBI are repayable in 72 installments of Rs. 219490/- each and carries interest @ 9.75% P.A. and the last repayment is due on dated 09/06/2016

Term Loans borrowings from HDFC Bank Ltd. are repayable in 63 installments of Rs. 86,568/- each and carries interest @ 11.75% P.A. and the last repayment is due on dated 07/06/2016

1.2 Detail of security for working capital borrowings

Working capital borrowings from banks are secured against hypothecation by way of first charge on company''s stock, book debts and plant & machinery.

Terms of repayment of loans repayable on demand

Working capital borrowings from banks are repayable on demand and carries interest @ 10% to 13.30% as may be communicated by the bank from time to time Term loans borrowings are repayable in suitable installments From Related parties carries interest @ 6% P.A.

2 Balances with bank includes deposits amounting to Rs. 46,55,000/- (Previous year Rs.11,55,000/-) which have original maturity period of more than 12 months.

3 Fixed deposits amounting to Rs. 11,55000/- (Previous year Rs. 11,55,000/-) are under lien of the bank for guarantees given to the President of India through Asset Commissioner of Customs, Ludhiana on behalf of the company.

4 Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.11,55,000/- (Previous year- Rs.11,55,000/-)

5 Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

6 Previous year''s figures have been regrouped I reclassified wherever necessary to correspond with current year''s classification / disclosure.

7 Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs have already been received.

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Mar 31, 2012

1.1 Detail of security for term loans borrowings

Term Loans borrowings from SIDBI is secured by way of hypothecation of machinery & first charge by way of equitable mortgage of Land & Building measuring 357.77 sq.yards situated at ludhiana. Term Loans borrowings from HDFC Bank Ltd. is secured by way of hypothecation by way of first charge on plant & machinery

Terms of repayment of Term Loans

Term Loans borrowings from SIDBI are repayable in 72 instalments of Rs. 219490/- each and carries interest @ 9.75% P.A. and the last repayment is due on dated 09/06/2016

Term Loans borrowings from HDFC Bank Ltd. are repayable in 63 instalments of Rs. 86,568/- each and carries interest @11.75% P.A. and the last repayment is due on dated 07/06/2016

2.1 Detail of security for working capital borrowings

Working capital borrowings from banks are secured against hypothecation by way of first charge on company''s stock, book debts and plant & machinery.

Terms of repayment of loans repayable on demand

Working capital borrowings from banks are repayable on demand and carries interest @ 10% to 13.30% as riiay be communicated by the bank from time to time Term loans borrowings are repayable in suitable instalments From Related parties carries interest @ 6% P.A.

3.1 Balances with bank includes deposits amounting to Rs. 11,55,000/- (Previous year Rs. 13,85,000/-) which have original maturity period of more than 12 months.

3.2 Fixed deposits amounting to Rs. 11,55000/- (Previous year Rs. 13,85,000/-) are under lien of the bank for guarantees given to the President of India through Asstt. Commissioner of Customs, Ludhiana on behalf of the company.

4 Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.11,55,000/- ( Previous year- Rs. 13,85,000/-)

5 Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

6 The Revised Schedule VI has become affective from 1st April 2012 for preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classification / disclosure.

7 Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act. Out of loan of Rs.25.00 Lacs Rs. 8.50 Lacs have already been received.

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Mar 31, 2011

1. Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs. 13,85,000/- ( Previous year- Rs. 13,85,000/-)

2. Investment & Loans & Advances includes amount due from:

a) The Companies in which Managing Director is interested as a Director. York Oil & Fats Pvt. Ltd. Share Application Money Rs. 42, 11,560/- (Previous year Rs. 42, 11,560/-)

3. Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

4. Previous year figures have been regrouped / recanted wherever necessary to make them comparable with current year.

6. The amount of Insurance claims received during the year has been credited to respective heads of expenditure.

7. Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cherub for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act and the matter is subjudice. Out of loan of Rs. 25 Lacs, Rs. 8.50 Lacs have already been received.

8. The arrears of depreciation not provided for amounting to Rs.6,35,014/- pertains to the year ended 31-03-97.

9. No provision has been made for Income-Tax demand of assessment year 1994-1995 Amounting to Rs. 33,12,490/- as the same is being disputed by the company in appeal, in Delhi High Court.

10. Taxes on Income

(a) Deferred Taxes:- However, in view of present uncertainty regarding generation of sufficient future income, net deferred tax assets as at the yearend including related credits/charge for the year have not been recognized on prudent basis.

(b) Current Taxes. Provision for Current tax has been made according to the normal provisions of the Income Tax Act, 1961 which includes education cess.

12. There are no dues of Micro and Small Enterprises as at 31s,.March, 2011.This information is required to be disclosed under Micro Small & Medium Enterprises Development Act, 2006 and has been determined to the extent such parties have been identified on the basis of information available with the company.

13. Additional information pursuant to the provisions of paragraph 3, 4, 4C and 4D of Part II and part IV of Schedule VI to the Companies Act, 1956 is given in Annexure I & II to this Schedule

14 Schedules ''A to P'' and Annexure I & II hereto form an integral part of the statement of account for the year 31st March 2011.

15 Interest amounting to Rs.32976/- paid on funds borrowed from HDFC Bank Limited for acquisition of machinery has been capitalized till its installation and putting to use.

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Mar 31, 2010

1. Contingent Liabilities not by the Bank on behalf of the Company of Rs, 13,85.000/- { Previous year

2. Share Application Money Rs. 42. 11.560/- (Previous year Rs, 42, 11,560/-)

3.Debit and Credit Balances m the accounts of various parties are subject to confirmation by the parties

- Previous year figures have been regrouped / recanted wherever necessary to make them comparable

4. The amount of insurance claims received during the year has been credited to respective heads of expenditure.

5. Interest accrued on a loan to Rs 25 00 Lacs advanced to a company has not been provided as the cheque for interest as were as of principal amount were dishonored. The company has filed complaint under Negotiate instruments Act and the matter is subjudice. Out of loan of Rs. 25 Lacs, Rs. 8.50 Lacs have already been received.

6. The arrears of depreciation not provided for amounting to Rs.6,35,014/- pertains to the year ended

7. No provision has been made for income- Tax demand of assessment year 1994-1995 Amounting to Rs 33,12,490/- as the same iz being disputed by the company in appeal, in Delhi High Court.

8 Taxes on Income

(a) Deferred Taxes:- However, in view of present uncertainty regarding generation of sufficient future income net deferred tax assets as at the yearend including related credits/charge for the year have not been recognized on prudent basis

9) Provision for Current tax has been made according to the normal provisions of the income tax Act. 1961 which includes education cess.

10. There are no dues of Micro and Small Enterprises as at 31st March 2010 This information is required to be disclosed under Micro Small & Medium Enterprises Development Act,2006 and has been determined to the extent such parties have been identified on the basis of information available with the company.

11. Additional information pursuant to the provisions of paragraph 3.4 4C and 4D of Part II and part IV of Schedule VI to the Companies Act, 1956 is given in Annexure I & II to this Schedule. 14. Schedules ''A to P* and Annexure I & II hereto form an integral part of the statement of account for the year ended 31st March, 2010 15 Interest amounting to Rs.317292/-paid on funds borrowed from SIDBI for acquisition of machinery has been capitalized till its installation and putting to use.

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Mar 31, 2009

1. Contingent Liabilities not provided for being guarantee issued by the Bank on behalf of the Company of Rs.4,30,000/- ( Previous year- Rs.Nil)

2. Investment & Loans & Advances includes amount due from:

a) The Companies in which Managing Director is interested as a Director. York Oil & Fats Limited Share Application Money Rs. 42, 11,560/- (Previous year Rs. 42, 11,560/-)

3. Debit and Credit Balances in the accounts of various parties are subject to confirmation by the parties.

4. Previous year figures have been regrouped / recasted wherever necessary to make them comparable with current year.

5. The amount of Insurance claims received during the year has been credited to respective heads of expenditure.

6. Interest accrued on a loan of Rs. 25.00 Lacs advanced to a company has not been provided as the cheque for interest as well as of principal amount were dishonored. The company has filed complaint under Negotiable Instruments Act and the matter is subjudice. Out of Rs. 25 Lacs, Rs. 8.50 Lacs have already been received.

7. The arrears of depreciation not provided for amounting to Rs.6,35,014/- pertains to the year ended 31-03-97.

8. No provision has been made for Income- Tax demand of assessment year 1994-1995 Amounting to Rs. 33,12,490/- as the same is being disputed by the company in appeal, in Delhi High Court.

9. Taxes on Income

(a) Deferred Taxes:- However, in view of present uncertainty regarding generation of sufficient future income, net deferred tax assets as at the year end including related credits/charge for the year have not been recognised on prudent basis.

(b) Current Taxes: Provision for Current tax has been made according to the normal provisions of the Income Tax Act, 1961 which includes education cess.

10. There are no dues of Micro and Small Enterprises as at 31st March 2010.This information is required to be disclosed under Micro Small & Medium Enterprises Development Act.2006 and has been determined to the extent such parties have been identified on the basis of information available with the company.

11. Additional information pursuant to the provisions of paragraph 3.4.4C and 4D of Part II and part IV of Schedule VI to the Companies Act, 1956 is given in Annexure I & II to this Schedule.

12. Schedules A to P and Annexure I & II hereto form an integral part of the statement of account for the year ended 31 * March 2009