1. The above financial results have been reviewed by the Audit Committee. The Board of Directors at its meeting held on June 29, 2009 approved the above results and its release.

2. Based on the legal opinion obtained by the Company, w.e.f. April 01, 2008 foreign currency exchange difference on amount borrowed for acquisition of Fixed Assets was capitalised to the carrying cost of Fixed Assets as stipulated in Schedule VI to the Companies Act, 1956 as against charging the same to the Profit & Loss Account. During the quarter, pursuant to the notification no. G.S.R. 225(E) issued by Ministry of Corporate Affairs on March 31, 2009 exchange difference arising on long term foreign currency monetary items in so far as they relate to the acquisition of depreciable capital assets is added or deducted from the cost to such fixed assets and in other cases accumulated such difference in the Foreign Currency Monetary Items Translation Difference Account and amortised to Profit & Loss Account over the balance life of the such long-term foreign currency montery items but not beyond March 31, 2011. Accordingly during the quarter and year ended March 31, 2009 foreign currency exchange difference of the Rs (1043) lacs & Rs 3940 lacs respectively has been capitalised, Rs 1628 lacs has been transferred to Foreign Currency Monetary Items Translation Difference Account. Consequently the profit before tax during the quarter and year ended is higher by Rs 585 lacs and Rs 5568 lacs respectively.

The Company has also recomputed the foreign currency exchange difference on long term foreign currency montery items for the year ended March 31, 2008 and the amount of Rs 94 lacs ( net of deferred tax) has been withdrawn from opening General Reserve Account.

3. On July 31, 2007, the Company had issued 52,00,000 share warrants ( Excercise Price of Rs 122.50 each) on preferential basis to a Company controlled by the promotors, having the currency period of 18 months from the date of allottment. Out of the above, 25,00,000 share warrants were converted into the Equity Shares during the previous year ended March 31, 2008. As the warrant holder holding remaining 27,00,000 warrants who paid 30% consideration of Rs 3307 lacs has not excersied the option to acquire the Equity Shares, the Board of Directors forfeited the same and credited Rs 992 lacs received against those warrants to Capital Reserve Account.

4. The Company has repurchased and cancelled 1430 Foreign Currency Convertible Bonds (FCCBs) of the Face Value of USD 10000 each on April 20, 2009,as per the approval of the Reserve Bank of India, at a discount. Consequent upon such repurchased and cancellation, the Company´s obligations to convert the said FCCBs into shares, if so claimed by the FCCB holders and/ or to redeem the same in foreign currency, have come to an end vis-s vis cancelled FCCBs. The impact of the same in accounts will be given in the current year.

5. In order to hedge the Company´s exposure to foreign exchange and interest rate, the Company entered into derivative contract. The marked to market loss in respect of the above derivative contract as on March 31, 2009 is Rs 8266 Lacs, which has not been provided in the books of account since the company is of the view that the above loss is notional in nature and may be payable only if loss conditions are triggered after June, 2010. The Auditors have qualified the non provision of marked to market loss of Rs 8266 Lacs for the year ended March 31, 2009 in their report with the consequential effect of Rs 5456 Lacs on the profit after tax. The same was also qualified by the Auditors in their report on the financial statements for the year ended March 31, 2008 and quarterly results for the quarters ended June 30, 2008, September 30, 2008 & December 31, 2008.

6. Microsynth Fabrics (India) Ltd (MFIL) has been amalgamated with the Company. The scheme of amalgamation was sanctioned by the Hon´ble High Court of Judicature at Mumbai vide its order dated October 23, 2008. The appointed date of the scheme being April 01, 2007. Consequently 182450 Equity shares of Rs 10 each were alloted to shareholders of erstwhile MFIL. The figures for the quarter ended March 31, 2008 have not been restated for the above referred amalgamation and hence figures for quarter ended March 31, 2009 are not comparable with the figures of the corresponding quarter.

7. In the opinion of the management, the company is engaged only in the business of Synthetic Yarn, including polyester chips. As such, there are no separate reportable segments.

8. The consolidated accounts have been prepared as per Accounting Standard (AS) 21 on Consolidated Financial Statements as notified in the Companies (Accounting Standards) Rules, 2006.

9. The subsidiaries which are consolidated in accordance with the Accounting Standard on Consolidated Financial Statements (AS-21) are JBF Global Pte Ltd ( Singapore ) and JBF RAK FZ LLC (United Arab Emirates). The Financial results of JBF Global Pte Ltd, Singapore and JBF RAK FZ LLC (United Arab Emirates) have been prepared by following Singapore Financial Reporting Standards and International Financial Reporting Standards respectively.

10. The Minority interest in the consolidated financial results for the year ended March 31, 2009 has been calculated at 32.62 % Shareholding for CVCIGP-II in JBF Global Pte. Ltd., Singapore, a Subsidiary of the Company.

11. The Board of Directors has recommended dividend Rs 5/- per share of Rs 10/- each (50 %) for the financial year 2008-09. The Payment is subject to the approval of the shareholders in its Annual general Meeting.

12. Figures in respect of the previous period/Year have been regrouped or rearranged or reclassified wherever necessary to make them comparable.

Bhagirath C Arya
Chairman