Notes to Accounts of Spectra Industries Ltd.

Mar 31, 2015

1.Secured against Hypothecation of Stock of Raw Material, Work in Progress & Finished Goods & Sundry Debtors

2. Funding Loan secured by hypothecation of present and furture stock of Vehicles

3. Secured against Hypothecation of Vehicles

4. RELATED PARTY DISCLOSURES :

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below :

List of related parties where control exists and related parties with whom transactions have taken place and relationships :

5. CONTINENT LIABILITIES AND COMMITMENTS :

i Contingent Liabilities

Claims against the Company not acknowledged NIL 930,500

as debts hence not provided

ii Commitments

The Company has filed suit for recovery against 6,964,541 6,964,541

its debtor and the same is pending with the court

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Mar 31, 2014

I Contingent Liabilities in respect of :

As At 31.03.2014 As At 31.03.2013 Claims against the Company not acknowledged as debts hence not provided. Rs. 9,30,500 Rs. 9,30,500

II Balance on account of suppliers & debtors are subject to confirmation.

(i) The Company has fled suit for the recovery of Rs.69,64,541/- against its debtor and the same is pending with the court. The Management is confdent to recover the said amount.

III Excess/Short depreciation of Rs.5,41,201/- written back during the year and Rs.8,35,068/- Interest received during the year related to earlier years.

IV Previous years figures have been regrouped, rearranged wherever necessary to conform to this year''s classifcation.

2.1 Secured against Hypothecation of Stock of Raw Material, Work in Progress & Finished Goods & Sundry Debtors

2.2 Funding Loan secured by hypothecation of present and furture stock of Vehicles

2.3 Secured against Hypothecation of Vehicles

(Amount In Rs.)

As At As At 31.03.2014 31.03.2013

3 CONTINENT LIABILITIES AND COMMITMENTS :

i Contingent liabilities

Claims against the Company not acknowledged 930,500 930,500 as debts hence not provided

ii Commitments

The Company has filed suit for recovery against 6,964,541 6,964,541 its debtor and the same is pending with the court.

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Mar 31, 2013

I. Contingent Liabilities in respect of :

As At 31.03.2013 As At 31.03.2012

Claims against the Company not acknowledged as debts hence not provided. Rs. 9,30,500 Rs. 9,30,500

II. Previous years figures have been regrouped, rearranged wherever necessary to conform to this year''s classification.

III. Balance on account of suppliers & debtors are subject to confirmation.

(i) The Company has filed suits for the recovery of Rs.69,64,541/- against its debtors and the same are pending with the court. The Management is confident to recover the said amount.

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Mar 31, 2012

I Contingent Liabilities in respect of:

As At 31.03.2012 As At 31.03.2011

Claims against the Company not acknowledged as debts 9,30,500 9,30,500 hence not provided

II Previous years figures have been regrouped, rearranged wherever necessary to conform to this year's classification.

III Balance on account of suppliers & debtors are subject to confirmation.

(I) The company has filed suit for the recovery of Rs. 69,64,541/- against its debtors and the same are pending with the court. The management is confident to recover the said amount.

(Amount In Rs.) As At As At 31.03.2012 31.03.2011

1 CONTINENT LIABILITIES AND COMMITMENTS :

i Contingent Liabilities Claims against the Company not acknowledged 930,500 930,500 as debts hence not provided

ii Commitments

the Company has filed suits for recovery again 6,964,541 6,964,541 its debtors and the same are pending with the court

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Mar 31, 2011

I Contingent Liabilities in respect of : As At 31.03.2011 As At 31.03.2010

Claims against the Company not acknowledged as debts 9,30,500 9,30,500 hence not provided

II Previous years figures have been regrouped, rearranged wherever necessary to conform to this year's classification.

IV Balance on account of suppliers & debtors are subject to confirmation.

(I) The company has filed suit for the recovery of Rs. 69,64,541/- against its debtors and the same are pending with the court. The management is confident to recover the said amount.

Signature to Schedules 1 to 15 in terms of our attached report of even date.

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Mar 31, 2010

I Contingent Liabilities in respect of : As At As At

31.03.2010 31.03.2009

Claims against the Company not acknowledged as debts 9,30,500 9,30,500

hence not provided

II Previous years figures have been regrouped, rearranged wherever necessary to conform to this years classification.

III Balance on account of suppliers & debtors are subject to confirmation.

(I) The company has filed suits for the recovery of Rs. 69,64,541/- against its debtors and the same are still pending with the court. The management is confident to recover the said amount.

Related Party Disclosure (As Identified by the Management)

Related Party Relationship

(a) Where control exists Nasik Super Market Co. Pvt. Ltd.

Spectra Motors Ltd.

Veebee Associates

(b) Key Management Personnel Mr Vinod Kumar Gupta

(c ) Relatives of key Management personal Mr Bharat Bhushan Gupta

d) Other Related Parties

Notes :

Inrespect of above parties, there is no provision for doubtful debts as on 31st March, 2010 and no amount has been written off.

IV Earnings per Share

Earning per share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. The numbers used in calculating basic and diluted earnings per Equity Share are as stated below -