Notes to Accounts of JR Foods Ltd.

Mar 31, 2015

1) RELATED PARTY DISCLOSURES

a) Key Management Personnel

Name of the related Party Nature of relation ship Directorship

1 .Sri. J.K. Kothari Managing Director PEIPL

2.Smt.Kamala J. Kothari Director PEIPL

3.Sri. Dinesh Kothari Director PASPL

b) List of Related Parties

1. Pondicherry Extraction Industries Limited- (PEIPL)

2. Pondy Agro Stabilizers Private Limited- (PASPL)

3. Smt. Jasodabai Kothari (Individual) (Mother of Sri J K Kothari & Mother in Law of Smt. Kamala J Kothari)

4. Chetan Kothari (Individual) (Son of Sri J. K. Kothari)

5. Dinesh Kothari (Individual) (Son of Sri J. K. Kothari)

6. Sri. Raman Lai Kothari (Father of J.K. Kothari & Father in Law of Smt. Kamala J Kothari) -

2) Contingent Liabilities: Out of the sanctioned FLC limit of Rs.25.00 Crores FLC opened and outstanding to the extent of Rs.25.60 Crores as on the last date of the financial year. Out of the sanctioned Bank Guarantee Limit of Rs.1.50 Crores, utilized and Bank Guarantee outstanding is Rs.4.50 Lakhs.

3) Dues to Small Scale Industrial undertakings which are over Rupees one lakh and outstanding for more than 30 days is Rs. Nil

4) Smt. Kamala J. Kothari, Shri. Dinesh Kothari, Shri. G. Ashokkumar and Shri. P. Ramamoorthy Directors, have waived sitting fees due to them for the year.

5) Sri. J. K. Kothari, Managing director waived his remuneration due to him for the year.

6 Confirmation of balances from and creditors has not been received in some cases.

7) Due to the Losses the provision for income tax is not applicable for the year. The net deferred tax asset as on 31.03.2015 of timing differences on account of Income Tax Losses has not been considered as a prudent accounting policy as per AS-22.

9) Figures of the previous year have been regrouped/reclassified wherever necessary to conform to current year's classification.

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Mar 31, 2014

1) Contingent Liabilities: Nil

2) Dues to Small Scale Industrial undertakings which are over Rupees one lakh and outstanding for more than 30 days is Rs. Nil

3) Smt. Kamala J. Kothari, Shri. Dinesh Kothari, Shri. G. Ashokkumar and Shri. P. Ramamoorthy Directors, have waived sitting fees due to them for the year.

4) Sri. J. K. Kothari, Managing director waived his remuneration due to him for the year.

5) Confirmation of balances from debtors and creditors has not been received in some cases.

6) The net deferred tax asset as on 31.03.2014 on account of timing differences of Income Tax Losses has not been considered as a prudent accounting policy as per AS-22.

Figures of the previous year have been regrouped/reclassified wherever necessary to conform to current year''s

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Mar 31, 2013

1) RELATED PARTY DISCLOSURES

a) List of Related Parties

1. Mailam India Limited- (MIL)

2. Pondicherry Extraction Industries Limited- (PEIPL)

3. Smt. Jasodabai Kothari (Individual) (Mother of Sri J K Kothari & Mother in Law of Smt. Kamala J Kothari)

4. Chetan Kothari (Individual) (Son of Sri J. K. Kothari)

5. Dinesh Kothari (Individual) (Son of Sri J. K. Kothari)

6. PondyAgro Stabilizers Pvt Limited (PASPL)

2) Contingent Liabilities: Nil

3) Dues to Small Scale Industrial undertakings which are over Rupees one lakh and outstanding for more than 30 days is Rs. Nil

4) Smt. Kamala J. Kothari, Shri. Dinesh Kothari, Shri. G. Ashokkumar and Shri. P. Ramamoorthy Directors, have waived sitting fees due to them during the year.

5) Sri. J. K. Kothari, Managing director waived his remuneration due to him during the year.

6) Confirmation of balances from debtors and creditors has not been received in some cases.

7) The net deferred tax asset as on 31.03.2013 on account of timing differences of Income Tax Losses has not been considered as a prudent accounting policy as per AS-22.

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Mar 31, 2010

1) A.S. 17: Segment Reporting

The Company operates in only one segment, viz. Extraction of Oil. Hence the Accounting Standard on Segment reporting is not applicable

2) A.S. 18: Related party Disclosures a) List of Related Parties

1. Mailam India Limited - (MIL)

2. Pondicherry Extraction Industries Limited- (PEIPL)

3. Smt. Jasodabai Kothari (Individual) (Mother of Sri J K Kothari & Mother in Law of Smt. Kamala J Kothari)

b) Key Management Personnel

Name of the related Party Nature of relation ship Directorship

1. Sri. J.K. Kothari Managing Director MIL/PEIPL

2. Sri. M. Sivagurunathan Director MIL

3. Smt.Kamala J. Kothari Director PEIPL

3) A.S. 19: Leases

The Company has no Hire Purchases Loans hence A.S.19 is not applicable to this Company.

4) A.S. 21: Consolidated financial statements – Not Applicable

5) A.S. 22: Accounting for Taxes

In line with the accounting policy deferred tax liability of Rs.45,33,028/- arising out of timing differences has not been recognized in books of accounts in view of the carry forward losses and will be recognized only if there will be sufficient taxable income available to realize such losses.

6) A.S. 23: Accounting for investments in associates in consolidated financial statements - Not Applicable

7) A.S. 24: Discontinuing Operations

During the Year the company has not discontinued any of its operations

8) A.S. 25: Interim Financial Reporting

Quarterly financial results are published in accordance with the guidelines given by SEBI. The recognition and measurement principles as laid down in the Standard are followed with respect to such results. The quarterly results are also subjected to a limited review by the auditors as required by SEBI.

9) A.S. 26: Accounting for intangible assets –

There is no intangible assets hence, not applicable

10) A.S. 27: Financial Reporting of interests in Joint Venture –

Not Applicable

11) A.S. 28: Impairment of assets

There is no impairment of assets during the year.

12) A.S. 29: Provisions, Contingent Liabilities and Contingent Assets

Provision for Income-tax has been made as detailed below: Income-tax (MAT) - Rs. Nil