Notes to Accounts of Sarda Proteins Ltd.

Mar 31, 2015

1. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation or reconciliation.

2. During the year Company has done speculative trading in commodity (Mustard Seed & Oil) at MCX/NCDEX stock exchanges. There is a net loss of Rs.70,627.13 ( Previous Year Net Loss of Rs. 1,93,237.00 )on such trading.

3. As per Accounting Standard (AS)-15 "Employees Benefits" the disclosure of employee benefits as defined in Accounting Standard are given below.

Defined Contribution Plan

Defined Benefit Plan

The employees' gratuity fund scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

4. Contingent Liability not provided for: Rs. Nil (Previous Year Rs. Nil)

5. In the opinion of the management the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet and the provision for all known liabilities has been made.

i. Provision for Income Tax has been made considering various benefits and allowances available to the company under the provisions of Income Tax Act, 1961.

6. In accordance with guiding principles as enunciated in Accounting Standards AS-17 Segment Reporting, the company has only one segment of oil business. Therefore, the disclosure requirements of the Standard are not applicable.

7. Related party disclosures as required by Accounting Standards AS-18

a. Key Management personnel and their relatives: Mr. D.P. Sarda ( NIL Transaction)

Mr. S. Sarda

Mr. C. S.Sarda ( NIL Transaction)

Mr. M. S. Somani ( NIL Transaction)

Remuneration to Directors- Mr. S. Sarda is Rs. 8,74,800 /-(Previous Year Rs. 8,74,800/-)

Payable at year end ( M r. S. Sarda) is Rs. Nil (Previous Year Rs.2,76,861.22).

b. Enterprises in which key management personal and their relatives are able to exercise significant influence:

Sarda Agro Products Private Limited ( NIL Transaction)

Sarda OilIndustries (P) Limited ( NIL Transaction)

Aura Infracons (P) Ltd. ( NIL Transaction)

Shri Ram Surendra Kumar ( NIL Transaction)

8. The Shares of the Aura Infracons (P) Ltd. Has been sold at price less than the purchase price. 114500 shares that was purchased at Rs.60/- per share has been sold at Rs.35 per share incurred a loss of Rs. 28,62,500.00. Total sales consideration is Rs.4007500/-

9. Company has sold its major part of assets during the year due to which company books is showing profit in statement of profit and loss, otherwise company is in loss.

10. Company has not fulfilled all the listing requirements of BSE.

11. Company has sold Substantial part of Fixed Assets during the financial year 2014-15 under which land has been sold at Rs.100,00,000/- generating profits of Rs.8838355/-, Building has been sold at Rs.40,00,000/- generating profit of Rs.23,93,189.99 and Plant & Machinery has been sold at Rs.6,00,000/- in which company has incurred a loss of Rs.5,06,107.32/-.

12. Previous year figures have been regrouped / rearranged wherever considered necessary to make them comparable with current year's figures.

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Mar 31, 2014

1. Contingent Liability not provided for: Rs. Nil (Previous Year Rs. Nil)

2. In the opinion of the management the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet and the provision for all known liabilities has been made.

i. Provision for Income Tax has been made considering various benefits and allowances available to the company under the provisions of Income Tax Act, 1961.

3. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation or reconciliation.

4. During the year Company has done speculative trading in commodity (Mustard Seed & Oil) at MCX/NCDEX stock exchanges. There is a net loss of Rs.193,237 (Previous Year Net Loss of Rs. 19,90,825) on such trading.

5. As per Accounting Standard (AS)-15 "Employees Benefits" the disclosure of employee benefits as defined in Accounting Standard are given below.

Defined Benefit Plan

The employees'' gratuity fund scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

6. In accordance with guiding principles as enunciated in Accounting Standards AS-17 Segment Reporting, the company has only one segment of oil business. Therefore, the disclosure requirements of the Standard are not applicable.

7. Related party disclosures as required by Accounting Standards AS-18

a. Key Management personnel and their relatives:

Mr. D.P. Sarda

Mr. S. Sarda

Mr. C.S. Sarda

Mr. M. S. Somani

Remuneration to Directors- Mr. D.P. Sarda is Rs. Nil (Previous Year Rs. 6,16,000/-) Mr. S. Sarda is Rs. 8,74,800 /-(Previous Year Rs. 8,42,400/-)

Payable at year end ( Mr. S. Sarda) is Rs. 2,76,861.22/- (Previous Year Rs.1,378.53).

b. Enterprises in which key management personal and their relatives are able to exercise significant influence:

Sarda Agro Products Private Limited Sarda Oil Industries (P) Limited Aura Infracons (P) Ltd. Shri Ram Surendra Kumar Investment in above enterprises

i) Investment in Equity Shares Rs. 68,70,000.00 (Previous Year Rs. 68,70,000).

8. The book value of Aura Infracons (P) Ltd. is below the purchase/subscription price of investment made by the company. Considering the long term strategic nature of investment diminution in value has been considered temporary and hence no provision has been made.

9. Previous year figures have been regrouped / rearranged wherever considered necessary to make them comparable with current year''s figures.

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Mar 31, 2013

1. Contingent Liability not provided for: Rs. Nil (Previous Year Rs. Nil)

2. In the opinion of the management the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet and the provision for all known liabilities has been made.

i. Provision for Income Tax has been made considering various benefits and allowances available to the company under the provisions of Income Tax Act, 1961.

3. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation or reconciliation.

4. During the year Company has done speculative trading in commodity (Mustard Seed & Oil) at MCX/NCDEX stock exchanges. There is a net loss of Rs. 19,90,825 (Previous Year Net Profit of Rs. 26,65,071) on such trading. There is a single open contract standing as on 31st March 2013 (450 tons of Mustard Seed) which was squared off on 101" April''2013.

5. As per Accounting Standard (AS)-15 "Employees Benefits" the disclosure of employee benefits as defined in Accounting Standard are given below.

Defined Contribution Plan

6. In accordance with guiding principles as enunciated in Accounting Standards AS-17 Segment Reporting, the company as only one segment of oil business. Therefore, the disclosure requirements of the Standard are not applicable.

7. Related party disclosures as required by Accounting Standards AS-18 a. Key Management personnel and their relatives:

Mr. D.P. Sarda Mr. S. Sarda Mr. C.S. Sarda Mr. M.S. Somani

Remuneration to Directors- Mr. DP. Sarda is Rs. 6,16,000/- (Previous Year Rs. 6,60,000/-) Mr. S. Sarda is Rs. 8,42,400/- (Previous Year Rs. 6,90,000/-)

Payable at year end (Mr. S. Sarda) is Rs. 1,378.53/- (Previous Year Rs. Nil).

b. Enterprises in which key management personal and their relatives are able to exercise significant influence:

Sarda Agra Products Private Limited Sarda Oil Industries (P) Limited Sarda Industrial Corporation Aura Infracons (P) Ltd. Shri Ram Surendra Kumar

Investment in above enterprises i) Investment in Equity Shares Rs. 68,70,000.00 (Previous Year Rs. 68,70,000).

8. The book value of Aura Infracons (P) Ltd. is below the purchase / subscription price of investment made by the company. Considering the long term strategic nature of investment diminution in value has been considered temporary and hence no provision has been made.

9. Privious year figures have been regrouped / rearranged wherever considered necessary to make them comparable with current year''s figures.

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Mar 31, 2012

(i) Terms / Right attached to Equity Shares

The Company has only one class of Equity Shares having a face value of Rs.10 Per share. Each Ordinary Shareholder is entitled to one vote per share. No dividend is proposed by the Board of Directors in the Annual General Meeting.

In the event of winding-up of the company, the equity shareholders shall be entitled to be repaid remaining assets of the company, in the ratio of the amount of capital paid up on sudh equity shares.

1. Contingent Liability not provided for Rs. NS (Previous Year Rs. Nil)

2. In the opinion of the management the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet and the provision for all known liabilities has been made.

i. Provision for Income Tax has been made considering various benefits and allowances available to the company under the provisions of Income Tax Act, 1961.

3. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation or reconciliation.

4. During the year Company has done speculative trading in commodity (Mustard Seed & Oil) at MCX/NCDEX stock exchanges. There is a net profit of Rs. 26,65,071 on such trading. There is no outstanding contract as on 31* March 2012.

Defined Benefit Plan

The employees' gratuity fund scheme is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit separately to build up the final obligation.

5. In accordance with guiding principles as enunciated in Accounting Standards AS-17 Segment Reporting, the company has only one segment of oil business. Therefore, the disclosure requirements of the Standard are not applicable.

6. Related party disclosures as required by Accounting Standards AS-18

a. Key Management personnel and their relatives:

Mr. D.P. Sarda

Mr. S. Sarda Mr. C.S. Sarda Mr. M. S. Somani

Remuneration to Directors-

Mr. D.P. Sarda is Rs. 6,60,000/- (Previous Year Rs. 6,35,000/-)

Mr. S. Sarda is Rs. 6,90,000/- (Previous Year Rs. 6,00,000/-)

Payable at year end is Rs. Nil (Previous Year Rs. 1,66,882/-).

b. Enterprises in which key management personal and their relatives are able to exercise significant influence:

Sarda Agro Products Private Limited

Sarda Oil Industries (P) Limited

Sarda Industrial Corporation

Aura Infracons (P) Ltd.

Shri Ram Surendra Kumar

Investment in above enterprises

i) Investment in Equity Shares Rs. 68,70,000.00 (Previous Year Rs. 68,70,000).

ii) Share Application Money pending allotment is NIL (Previous year Rs. 42,00,000).

7. The book value of Aura Infracons (P) Ltd. is below the purchase / subscription price of investment made by the company. Considering the long term strategic nature of investment diminution in value has been considered temporary and hence no provision has been made.

8. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS

During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the figures in accordance with the requirements applicable in the current year.

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Mar 31, 2010

1. Contingent Liability not provide for: Nil (Previous Year-Nil)

2. In the opinion of the management the current asset, loans and advances have a value on realization at least equal to the amount at which they are stated in the balance sheet and the provisions for all known liabilities has been made

3. a. Provision for income tax has been made considering various benefits and allowances available to the company under the provisions of Income Tax Act, 1961.

4. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation and / or recoreilation

5. During the year company has done speculative trading in commodity (Mustard Seed & Oil) at MCX / NCDEX exchanges. There is a net loss of Rs. 460828.00 on such trading. There is no outstanding balance against this trading in both the exchanges.

6. As per Accounting Standards (AS)-15 "Employees Benefit", (revised) the disclosure of employees benefits as defined in Accounting Standard are given below

Note : Actuarial valuation for the year ended 31st March 2007 and prior to date was not done.

7. In accordance with guiding principles as enunciated Accounting Standards AS-17 segment reporting issued by Institute of Chartered Accountants of India, the company has only one segment of Oil Business. Therefore, the disclosure requirements of the Standard are not applicable.

8 Related party disclosures as required by Accounting Standards AS-18

A. Key management personal and their relatives

Mr. DP. Sarda

Mr. S. Sarda

Mr. C. S. Sarda

Mr. M.S. Somani

Remuneration Rs.945000.00 (Previous Year Rs. 775000.00)

Payable at year end Rs. NIL (Previeous year Rs. 70642.57)

B. Enterprises in which key management personal and their relatives are able to exercise significant influences:

Sarda Agro Products (P) Ltd.

Sarda Oil Industries (P) Ltd.

Sarda Industrial Corporation

Aura Infracons (P) Ltd.

Shree Ram Surendra Kumar

Investment in above enterprises

i) Investment in Equity share Rs. 6870000.00 (Previous year Rs. 6870000.00)

ii) Share application money (pending allotment) Rs. 4200000.00 (Previous year Rs. 4200000.00)

9. The book value of Aura Infracons (P) Ltd. is below the purchase/subscription price of investment made by the company. Considering long tern strategic nature of investment dinnunition in value has been considered temporary and hence no provision has been made.

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Mar 31, 2009

1. Contingent Liability not provide for: Nil (Previous Year-Nil)

2. In the opinion of the management the current asset, loans and advances have a value on realization at least equal to the amount at which they are stated in the balance sheet and the provisions for all known liabilities sas been made

3. a. Provision for income tax has been made considering various benefits and allowances available to the company under. the provisions of Income Tax Act, 1961.

4. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation and / or recoreilation

5. In accordance with guiding principles as enunciated Accounting Standards AS-17 segment reporting issued by Institute of Chartered Accountants of India, the company has only one segment of Food. Hence no reporting is required.

6. Related party disclosures as required by Accounting Standards AS-18

A. Key management personal and their relatives

Mr. D.P. Sarda

Mr. C. S. Sarda

Mr. S. Sarda

Mr. M.S. Somani

Remuneration Rs.775000.00 (Previous Year Rs. 545000.00)

Payable at year end Rs. 70642.57 (Previeous year Rs. 3646.82)

B. Enterprises in which key management personal and their relatives are able to exercise significant influences:

Sarda Agro Products (P) Ltd.

Sarda Oil Industries (P) Ltd.

Sarda Industrial Corporation

Aura Infracons (P) Ltd.

Investment in above enterprises

i) Investment in Equity share Rs. 6870000.00 (Previous year Rs. 6870000.00)

ii) Share application money (pending allotment) Rs. 4200000.00 (Previous year Rs. 4200000.00)

7. The book value of Aura Infracons (P) Ltd. is below the purchase/subscription price of investment made by the company. Considering long tern strategic nature of investment dinnunition in value has been considered temporary and hence no provision has been made.

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Mar 31, 2004

1. Contingent liabilities not provided for in respect of As at 31.03.04 As at 31.03.03 estimated amount of contract and remaining to be executed on capital account and not provided for (Net of Advance) Nil Rs.10500000/-

2. In the opinion of the management the current assets, loans and advances have a value on realisation at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities has been made.

3. a. No provision for current income tax has been made in the absence of taxable income.

4. Balance in Sundry Debtors and Sundry Creditors are subject to confirmation.

5. Sundry creditors include Rs. 336882.42 (previous year Rs. 545743.97) payable to Small Scale Industrial undertakings. However small scale undertaking to whom the company owes a sum remaining outstanding for more than 30 days are none.

6. In accordance with guiding principals as enunciated in Accounting Standard AS-17 segment reporting issued by institute of Chartered Accountants on India the company has only one segment of food. Hence no reporting is required.

7. Related party disclosures as required by Accounting Standard AS-18

A Key management personal and their relatives

Mr. D.P. Sarda

Mr.C.S.Sarda

Key management personal and their relatives Remuneration Rs. 10,22,975/=

B. Enterprises in which key management personal and their relatives are able to exercise significant influences

Sarda Agro Products (P) Ltd.

Sarda Oil Industries (P) Limited

Sarda Industrial Corporation

8. Previous year figures have been regrouped wherever considered necessary.

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Mar 31, 2003

1. Contingent liabilities not provided for in respect of

As at 31.03.03 As at 31.03.02

a. Estimated amount of contract and remaining to be executed on capital account and not provided for (Net of Advance) Rs. 10500000/- Rs. 10500000/-

b. Sales Tax Demand under dispute Rs. Nil Rs. 427211/-

2. In the opinion of the management and to the best of their knowledge and belief, the value on realisation of Loans and Advances and other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

3. Balances in Sundry Debtors and Sundry Creditors are subject to confirmation.

4. Sundry creditors include Rs. 545.743.97 (Previous year Rs. 540499.58) payable to Small Scale Industrial undertakings. However Small Scale Undertakings to whom the company owes a sum remaining outstanding for more than 30 days are Krishna Kolhu Udyog, Century Steel Industries, Rajdhani Udyog.

5. In accordance with guiding principals as enunciated in Accounting Standard AS-17 segment reporting issued by Institute of Chartered Accountants of India the company has only one segment of food. Hence reporting the information as required by the accounting standard are not applicable.

6. Related party disclosures as required by Accounting Standard AS-18

A Key management personal and their relatives

Mr. D.P. Sarda Mr. C. S. Sarda

B. Enterprises in which Key Management Personal and their relatives are able to exercise significant influences :

Sarda Oil Industries Private Limited

Sarda Agro Products Private Limited

Sarda Industrial Corporation

There are no transactions and no outstanding with / from the parties listed above.

7. Previous year figures have been regrouped wherever considered necessary.

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Mar 31, 2002

1. Contingent liabilities not provided for in respect of As at 31.03.2002 As at 31.03.2001

a. Estimated amount of contract and remaining to be executed on capital account and not provided for (Net of Advance) Rs.10500000/- Rs.10500000/-

b. Sales Tax Demand under dispute Rs. 427211/- Rs. 427211/-

2. In the opinion of the management and to the best of their knowledge and belief, the value on realisation of Loans and Advances and other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

3. a. No provision for current income tax has been made in the absence of taxable income.

4. Balances in Sundry Debtors and Sundry Creditors are subject to confirmation.

5. Sundry creditors include Rs. 201546.16 (Previous year Rs. 119865.43) payable to Small Scale Industrial undertakings. However Small Scale Undertakings to whom the company owes a sum remaining outstand ing for more than 30 days are Haryana Tin Manufacturers, Jagdish Chandra Garg & Enterprises (P) Ltd., Metallic Signs Company, Krishna Kolhu Udyog, P Roy Expeller Works.

6. Related party disclosures as required by Accounting Standard AS-18

A. Key management personal and their relatives

Mr. D.P. Sarda

Mr. C.S. Sarda

Key management Personal and their relatives Remuneration Rs.8,03,600/=

B. Enterprises in which Key Management Personal and their relatives are able to exercise significant influences :

Sarda Oil Industries Private Limited

Sarda Agro Products Private Limited

Sarda Industrial Corporation

There are no transactions and no outstanding with / from the parties listed above.

7. Previous year figures have been regrouped wherever considered necessary.