Notes to Accounts of Nimbus Foods Industries Ltd.

Mar 31, 2015

1. The Sundry Creditors, Sundry Debtors, Unsecured loans and loans & advances are subjected to confirmation.

2. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value stated, if realised in the ordinary course of business .The provisions of all known liabilities are adequately provided and not in the excess of amount reasonably necessary.

3. The Company has given Corporate Guarantees to banks against Loans sanctioned by banks to the group companies.

4. The Company had been advised that the computation of net profit u/s 349 of the Companies Act., 1956 had not been made since no commission is paid / payable to the directors for the year.

5. AS- 15: In the opinion of the Board at present the company is not liable for gratuity and treatment of retirement benefit are accounted for as and when paid.

6. Estimated amount of contracts remaining to be executed on capital account and not provided for Nil ( P.Y. Nil )

Particulars 2014-15 2013-14

7. Contingent Liabilities Nil Nil

8. The Contribution to the defined contribution scheme such as Provident Fund etc. is charged to the Profit & Loss account as incurred. However no provision for gratuity is made during the year as the same is still not applicable to the Company.

9. Related Party Disclosure : As per Accounting Standard-18 (AS-18)

Sr. No. Name of Related Party Relationship

a) Shri Amit Khaksa Exec. Director

b) Shri Sharad Khandelwal Director

c) Shri Sanjay Mangal Director

d) Shri Arvind Thakkar Director

e) Sitaram G. Sharma Director's Relative

f) Balaji Resources & Trading Co. Ltd. Associate Concern

g) Nimbus Foods Ltd. Associate Concern

h) Chinar Capital Market Pvt. Ltd. Associate Concern

i) Shri Govindam Agro Foods Pvt. Ltd Associate Concern

j) Nimbus Auto Fast O Forge Pvt. Ltd Associate Concern

k) Nimbus Beverages Pvt. Ltd. Associate Concern

l) Nimbus Infrabuilt Pvt. Ltd. Associate Concern

m) Ishan Clothes Pvt. Ltd. Associate Concern

n) Sushma Snacks Pvt Ltd Associate Concern

10. Accounting for Taxes on Income (AS-22)

Deferred Tax Assets/ Liability are provided in accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

11. AS-28 : All the assets have been physically verified by the management during the year and also there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

12. The previous year's figure have been rearranged / re grouped where ever necessary.

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Mar 31, 2014

1. The Sundry Creditors, Sundry Debtors, Unsecured loans and loans & advances are subjected to confirmation.

2. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value stated, if realised in the ordinary course of business .The provisions of all known liabilities are adequately provided and not in the excess of amount reasonably necessary.

3. The Company has given Corporate Guarantees to banks against Loans sanctioned by banks to the group companies aggregate to Rs. 19.70Crores (PY : Rs.19.70 crores.)

4. The Company had been advised that the computation of net profit u/s 349 of the Companies Act., 1956 had not been made since no commission is paid / payable to the directors for the year.

5. AS- 15: In the opinion of the Board at present the company is not liable for gratuity and treatment of retirement benefit are accounted for as and when paid.

6. Estimated amount of contracts remaining to be executed on capital account and not provided for Nil ( P.Y. Nil )

Particulars 2013-14 2012-13

7. Contingent Liabilities Nil Nil

8. The Contribution to the defined contribution scheme such as Provident Fund etc. is charged to the Profit & Loss account as incurred. However no provision for gratuity is made during the year as the same is still not applicable to the Company.

9. Accounting for Taxes on Income (AS-22)

Deferred Tax Assets/ Liability are provided in accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

10. AS-28 : All the assets have been physically verified by the management during the year and also there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

11. The previous year''s figure have been rearranged / re grouped where ever necessary.

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Mar 31, 2013

1. The Sundry Creditors, Sundry Debtors, Unsecured loans and loans & advances are subjected to confirmation.

2. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value stated, if realised in the ordinary course of business .The provisions of all known liabilities are adequately provided and not in the excess of amount reasonably necessary.

3. The Company has given Corporate Gurantees to banks against Loans sanctioned by banks to the group companies aggregate to Rs. 19.70 Crores (PY : Rs.19.70 crores.)

4. The Company had been advised that the computation of net profit u/s 349 of the Companies Act., 1956 had not been made since no commission is paid / payable to the directors for the year.

5. AS- 15: In the opinion of the Board at present the company is not liable for gratuity and treatment of retirement benefit are accounted for as and when paid.

6. Estimated amount of contracts remaining to be executed on capital account and not provided for Nil ( P.Y. Nil )

7. Contingent Liabilities Nil Nil

8. The Contribution to the defined contribution scheme such as Provident Fund etc. is charged to the Profit & Loss account as incurred. However no provision for gratuity is made during the year as the same is still not applicable to the Company.

9. Accounting for Taxes on Income (AS-22)

Deferred Tax Assets/ Liability are provided in accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

10. AS-28 : All the assets have been physically verified by the management during the year and also there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

11. The previous year''s figure have been rearranged / re grouped where ever necessary.

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Mar 31, 2012

1. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value stated, if realised in the ordinary course of business .The provisions of all known liabilities are adequately provided and not in the excess of amount reasonably necessary.

2. The Company has given Corporate Guarantees to banks against Loans sanctioned by banks to the group companies aggregate to Rs. 19.70Crores (PY : Rs.4.60 crores.)

3. The Company had been advised that the computation of net profit u/s 349 of the Companies Act., 1956 had not been made since no commission is paid/payable to the directors for the year.

4. AS- 15: In the opinion of the Board at present the company is not liable for gratuity and treatment of retirement benefit are accounted for as and when paid.

5. Estimated amount of contracts remaining to be executed on capital account and not provided for Nil ( P.Y. Nil )

Particulars 2011-12 2010-11

6. C.I.F. value of imports(excluding purchase of items Imported by other agencies) Nil Nil

7. Expenditure in foreign currency Nil Nil

8. Earning in foreign exchange Nil Nil

9. Contingent Liabilities Nil Nil

10. The Contribution to the defined contribution scheme such as Provident Fund etc. is charged to the Statement of Profit & Loss as incurred. However no provision for gratuity is made during the year as the same is still not applicable to the Company.

11. Related Party Disclosure : As per Accounting Standard-18 (AS-18)

Sr. Name of Related Party Relationship No.

1. Shri Amit Khaksa Executive Director

2. Shri Sharad Khandelwal Director

3. Shri Bhaichand Prajapati Director

4. Shri Deepak Sharma Director

5. Shri Sitaram G. Sharma Director's Relative

6. Balaji Resources & Trading Co. Ltd. Associate Concern

7. Nimbus Foods Ltd. Associate Concern

8. Chinar Capital Market Pvt. Ltd. Associate Concern

9. Shri Govindam Agro Foods Pvt. Ltd Associate Concern

10. Nimbus Auto Fast O Forge Pvt. Ltd Associate Concern

11. Nimbus Beverages Pvt. Ltd. Associate Concern

12. Nimbus Infrabuilt Pvt. Ltd. Associate Concern

12. Accounting for Taxes on Income (AS-22)

Deferred Tax Assets/Liability are provided in accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

13. AS-28 : All the assets have been physically verified by the management during the year and also there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

14. The previous year's figure have been rearranged/re grouped where ever necessary.

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Mar 31, 2010

1. The sundry creditors, sundry debtors, unsecured loans and loans & advances are subjected to confirmation.

2. In the opinion of the Board of Directors, the Current Assets, Loans and Advances are approximately value stated, if realised in the ordinary course of business The provisions of all known liabilities are adequately provided and not in the excess of amount reasonably necessary. There are no contingent liabilities other than stated above.

3. The Company had been advised that the computation of net profit u/s 349 of the Companies Act., 1956 had not been made since no commission is paid / payable to the directors for the year.

4. AS- 15: In the opinion of the Board at present the company is not liable for gratuity and treatment of retirement benefit are accounted for as and when paid.

5. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil ( P.Y. Nil) 2009-10 2008-09

6. C.I.F. value of imports( excluding purchase of items Nil Nil imported by other agencies) Nil Nil

7. Expenditure in foreign currency Nil Nil

8. Earning in foreign exchange Nil Nil

9. Contingent Liabilities Nil * Nil

10. The Contribution to the defined contribution scheme such as Provident Fund etc. is charged to the Profit & Loss account as incurred. However no provision for gratuity is made during the year as the same is still not applicable to the Company.

11. The Company has not provided the depreciation on the Fixed Assets which is with the company prior to the amalgamation of Majesty Agro Foods Pvt. Ltd. (MAFL) during the year, which shall amount to Rs.25,267/- as per method of Depreciation employed during the previous year. Accordingly the Profit of the company is understated by Rs. 25,267/-. However the depreciation on the fixed assets received from the transferor Company i.e. MAFL has been provided. The reason for non provision of depreciation on the fixed assets of the company prior to amalgamation is non utilization of the such assets during the whole year.

12. Related Party Disclosure : As per Accounting Standard-18 (AS-18)

Name of Related party Relationship

a) Shri Vishnu Sharma - Managing Dirpctor

b) Shri Amit Khaksa - Director

c) Shri Pankaj Bulani - Director

d) Shri Deepak Sharma - Director

e) Shri Shyamkishor Delhiwala - Director

f) Niraj S. Delhiwala - Directors Relative

g) Sitaram G. Sharma - Directors Relative h) Hari Corporation - Associate Concern i) Balaji Resources & Trading Co. Ltd. - Associate Concern j) Nimbus Foods Ltd. - Associate Concern k) Chinar Capital Market Pvt. Ltd. - Associate Concern I) Shri Govindam Agro Foods Pvt. Ltd - Associate Concern m) Nimbus Auto Fast O Forge Pvt. Ltd - Associate Concern

13. Accounting for Taxes on Income (AS-22)

Deferred Tax Assets/ Liability are provided in accordance with Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

14. AS-28 : All the assets have been physically verified by the management during the year and also there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

15. The previous years figure have been rearranged / re grouped where ever necessary.