Notes to Accounts of Sibar Software Services (india) Ltd.

Mar 31, 2014

1. In the matter of compliance with the Accounting Standard "AS-22, Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), it is to state that since the Company has unabsorbed losses to the tune of Rs 849.31 lakhs and further it is incurring continuous losses, there is very much uncertain in availability of future taxable income against which the deferred tax assets can be realised. As such the provision for deferred tax assets is not made.

2. Fixed Assets are stated at cost less depreciation. The cost including related incidental/installation expenses and preoperative expenses, net of revenue related to project, till the date of commencement of commercial production.

3. Depreciation on fixed assets has been provided to the extent of assets, which are fully utilised.

4. Investments and deposits have been stated at book value and the depreciation in value of the investments have not been provided for in the books of account.

5. There are no employees drawing salary of Rs. 2,00,000/- or more p.m. or Rs. 24,00,000/- or more per year or part thereof

6. Figures have been rounded off to the nearest rupee.

7. All figures are in Rupees, Paise have been rounded to nearest Rupee.

8. No Remuneration was paid to Executivr Director and Other Directors during the year under review and no provision has been made thereof; since they volunteered to not to claim salary for the financial year 2013-2014.

9. Expenditure of Foreign Currency Rs. Nil.

10. The previous year figures are regrouped wherever necessary.

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Mar 31, 2012

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

1. In the matter of compliance with the Accounting Standard "AS-22, Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), it is to state that since the Company has unabsorbed losses to the tune of Rs 849.36 lakhs and further it is incurring continuous losses, there is very much uncertain in availability of future taxable income against which the deferred tax assets can be realised. As such the provision for deferred tax assets is not made.

2. Fixed Assets are stated at cost less depreciation. The cost including related incidental/installation expenses and pre-operative expenses, net of revenue related to project, till the date of commencement of commercial production.

3. Depreciation on fixed assets has been provided to the extent of assets, which are fully utilised.

4. Investments and deposits have been stated at book value and the depreciation in value of the investments have not been provided for in the books of account. The Inter Corporate Deposits of Rs. 4,12,41,077.35/- with the other Companies which are found to be non-recoverable has been written off to Profit & Loss Account

5. There are no employees drawing salary of Rs. 2,00,000/- or more p.m. or Rs. 24,00,000/- or more per year or part thereof

6. Figures have been rounded off to the nearest rupee.

7. All figures are in Rupees, Paise have been rounded to nearest Rupee.

8. No Remuneration was paid to Managing Director and Other Directors during the year under review and no provision has been made thereof; since they volunteered to not to claim salary for the financial year 2011- 2012.

9. Expenditure of Foreign Currency Rs. Nil.

10. The previous year figures are regrouped wherever necessary.

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Mar 31, 2010

1. General:

a. Figures have been rounded off to the nearest rupee.

b. Schedule 1 to 10 consisted of forming part of Balance Sheet and Profit and Loss Account.

c. All figures are in Rupees, Paise have been rounded to nearest Rupee.

2. No Remuneration was paid to Directors during the year under review and no provision has been made thereof; since they volunteered to not to claim salary for the financial year 2009-2010.

3. Expenditure of Foreign Currency Rs. Nil.

4. The previous year figures are regrouped wherever necessary.