Notes to Accounts of Sai Industries Ltd.

Mar 31, 2024

1.12 Provisions.

Provisions are recognised when the company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. These are reviewed at each balance sheet date and adjusted to reflect
the current best estimates.

1.13 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivable.

1.14 Finance Income

Finance income comprises interest receivable on funds invested, dividend income, foreign exchange gains
and losses. Interest income is recognized in the income statement as it accrues, taking into account the
effective yield on the asset. Dividend income is recognized in the income statement on the date the entity’s
right to receive payments is established.

1.15 Income Taxes

The income tax expense is the tax payable on the current period’s taxable income based on the applicable
income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.

1.16 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. Investment income earned on the
temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation.

1.17 Contingent Liability

Contingent Liabilities, if material, are disclosed by way of notes.

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Mar 31, 2014

NOTE NO. - 1 SHARE CAPITAL

Note 1.a

a) The company is having only one class of Shares referred to as Equity shares having a par value of Rs. 10/- each.

b) Each holder of equity shares is entitled to one vote per share.

c) No shares are reserved for issue under options and contracts/commitments for the sale of shares / disinvestment/ ESOP etc.

d) The company has not declared any dividend during the year.

e) The company does not have any Holding company in the current or previous period, hence disclosure of shares held by holding and ultimate holding companies is not applicable.

NOTE NO. - 2

Note No. - 2.a Unsecured: Long Term Borrowings from the Related Parties

None of the borrowings are guaranteed by directors or any other person.

None of above are interest bearing loans.

Terms of Repayment : Payable on demand after 12 months.

No default on account of repayment of principal or interest, where ever applicable.

Note No. - 2.b Unsecured: Long Term Borrowings from others

None of the borrowings are guaranteed by directors or any other person.

None of above are interest bearing loans.

Terms of Repayment : Payable on demand after 12 months.

No default on account of repayment of principal or interest, where ever applicable.

NOTE NO. - 3 TRADE PAYABLES

The confirmation of transactions and balances of some of the Trade Payables are awaited form the respective parties till the conclusion of the audit and in absence of such confirmation the entries recorded in the books have been relied upon and therefore, such balances are as per books of accounts of the company and subject to reconciliation with respective parties.

NOTE NO. - 4 SHORTTERM LOANS AND ADVANCES

In the opinion of the Management 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.

SCHEDULE OF FIXED ASSETS FOR THE YEAR ENDED 31.03.2014

Note No. - 5

Depreciation has been provided on Straight Line Method in accordance with the provisions of Section 205(2)(b) of the Companies Act, 1956 at the rates specified in Schedule XIV of the Companies Act, 1956 on pro-rate basis.

No depreciation is charged on leased assets during the year as the substantial part of the block has already been written off during previous years.

No asset has been re-valued or impaired during the year ended 31-03-2014 or previous year ended 31-03-2013.

6. In the opinion of the Board of Directors, the investments made by the Company are intended to be held for more than one year from the date on which such investment is made and have therefore been valued at cost. However, provision is made for provision for diminution in value of investments.

7. Contingent liability in respect of Income Tax Demand Rs. 12.51 lacs besides interest accrued thereon till date of payment. The S.L.P. filed by the Company before the Hon''ble Supreme Court has been dismissed. However, the Company is exploring the option of filing a Review Petition before the Hon''ble Supreme Court and therefore has not provided for the liability in the books of account.

8. In the opinion of the Board of Directors, there is no tax effect of timing differences based on the estimated computation fora reasonable period, therefore, no provision for deferred tax in terms of accounting standard (AS 22) "Accounting for taxes on income" issued by the Institute of Chartered Accountants in India is made.

9. A) Related Party Disclosures

i) Associates Sai Capital Limited

Sai Enterprises Pvt. Ltd.

Sai Business & Consultancy Systems Pvt. Ltd.

ii) Key Management Personnel & their Relatives DR. NIRAJ K. SINGH

JUHI SINGH

DR. S. M. PATHAK

S.C. DWIVEDI

10. As per information and explanations given to us the company does not owe more than Rs. 1.00 Lac and more than 30 days as at 31.03.2014 to any Small Scale Industries.

11. Segment wise financial performance - AS -17

Entire revenue and expenses of the company are considered as related to one segment only hence no separate reporting under AS-17 is considered as required.

12. There are no significant events occurring after balance Sheet Date having any material impact on Balance Sheet as at 31.03.2014.

13. Additional Information pursuant to paragraph 3 and 4D of part-ll to Schedule VI of the Companies Act, 1956.

14. Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directors.

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Mar 31, 2012

Note 1.a

a) The company is having only one class of Shares referred to as Equity shares having a par value of Rs. 10/-each.

b) Each holder of equity shares is entitled to one vote per share.

c) No shares are reserved for issue under options and contracts/commitments for the sale of shares / disinvestment/ ESOP etc.

d) The company has not declared any dividend during the year

e) The company does not have any Holding company in the current or previous period, hence disclosure of shares held by holding and ultimate holding companies is not applicable

2 In the opinion of the Board of Directors, the investments made by the Company are intended to be held for more than one year from the date on which such investment is made and have therefore been valued at cost. However, provision is made for provision for diminution in value of investments.

3 Contingent liability in respect of Income Tax Demand Rs. 15.87 lacs besides interest accrued thereon till date of payment. The S.L.R filed by the Company before the Hon'ble Supreme Court has been dismissed. However, the Company is exploring the option of filing a Review Petition before the Hon'ble Supreme Court and therefore has not provided for the liability in the books of account.

4 In the opinion of the Board of Directors, there is no tax effect of timing differences based on the estimated computation for a reasonable period, therefore, no provision for deferred tax in terms of accounting standard (AS 22) "Accounting for taxes on income" issued by the Institute of Chartered Accountants in India is made.

5 A) Related Party Disclosures

i) Associates Sai Capita| Limjted Sai Enterprises Pvt. Ltd. Sai Business & Consultancy Systems Pvt Ltd

ii) Key Management Personnel & their Relatives DR. NIRAJ K. SINGH

JUHI SINGH DR. S. M. PATHAK S. C. DWIVEDI

B) Transactions with related parties

The following related party transactions were carried out during the year ended on 31.03.2012 (Rs. In Lacs) 8 Segment wise financial performance - AS -17 Entire revenue and expenses of the company are considered as related to one segment only, hence no separate reporting under AS-17 is considered as required.

6 There are no significant events occurring after balance Sheet Date having any material impact on Balance Sheet as at 31.03.2012

7 Additional Information pursuant to paragraph 3 and 4D of part-l to Schedule VI of the Companies Act, 1956

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Mar 31, 2010

1 In the opinion of the Board of Directors, the investments made by the Company are intended to be held for more than one year from the date on which such investment is made and have therefore been valued at cost. However, provision is made for provision for diminution in value of investments.

2 Contingent liability in respect of unpaid liability on party partly paid shares/debentures Rs. 27,28,500 (Previous year Rs. 27,28,500/-)

3 In the opinion of the Board of Directors, there is no tax effect of timing differences based on the estimated computation for a reasonable period, therefore, no provision for deferred tax in terms of accounting standard (AS 22) "Accounting for taxes on income" issued by the Institute of Chartered Accountants in India is made.

4 A) Related Party Disclosures

i) Associates Sai Capital Limited

Sai Enterprises Pvt. Ltd.

Sai Business & Consultancy Systems Pvt. Ltd. ii) Key Management Personnel & their Relatives Dr. Niraj Kumar Singh

Sh. S. D. R. Chadha

Mr. Ved Parkash

V Generic Names of Three Products/ Services of Company (As per monetary terms)

item Code No. (ITC Code) : N.A.

Product Description : investment

Item Code No. {ITC Code) : Not Applicable

Product Description : Leasing

Item Code No. (ITC Code) : Not Applicable

Product Description : Fianance