You are on page 1of 5
iil JAGATSIT INDUSTRIES LIMITED 4th Floor, Bhandari House, 91, Nehru Place, New Delhi - 110019 Tel. (011) 26432641-42, 26424823, Fax : (011) 26441850 SILISCY\2016 - 17 14" February, 2017 The Department of Corporate Services, BSE Limited Phitoze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Sub : Unaudited Financial Results for the Quarter and period ended 31.12.2016 Scrip Code No.: 507155 Dear Sir, We are sending herewith copy of the Unaudited Financial Results of the Company for the Quarter and period ended on 31.12.2016, which have been approved by the Board of Directors in their meeting held on 14" February, 2017 and have undergone “Limited Review” by the Statutory Auditors of the Company. The report of the Statutory Auditors is also enclosed. Kindly acknowledge the receipt. ‘Thanking you, Yours faithfully, for Jagatjit Industries Limited [Laos KK, Kohli Vice President & Company Secretary Enel : as above Regd. Office : P.O. Jagatjit Nagar-144802, Distt. Kapurthala (Punjab) Corporate Identity Number : L15520PB1944PLC001970 | Phone : (0181) 2783112 Fax: (0181) 2783118 E-mail; Website : MITTAL CHAUDHRY & CO. CHARTERED ACCOUNTANTS .265D, GREATER KAILASH, 5-108, GREATER KAILASIL, [NEW DELHI 110048, [NEW DELHI. 110048 PHONE: +9111 2601 4981, 491 11 46524682 PHONE: +91 112923 8691 |wenstre: FAX No: $91 114100 491 Limited Review Report on Quarterly and Nine Months ended Financial Results of Jagatjit Industries Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 To ‘The Board of Directors of Jagatjit Industries Limited 1. We have reviewed the accompanying statement of unaudited financial results (“the Statement”) of Jagatjit Industries Limited ("The Company’) for the quarter and nine months ended December 31, 2016. This Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. 2. We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India, ‘This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit, We have not performed an audit and accordingly, we do not express an audit opinion 3. As detailed in note 4 to the financial results and according to the information and explanations given to us, the Company has migrated from its old accounting software to Oracle EBS ERP based accounting and reporting system at its Head Office at Nehru Place, New Delhi location and Hamira Unit, Distt Kapurthala (Punjab) location with effect from Ist April 2016. The aforesaid accounting and reporting system adopted at the above mentioned two locations has not yet fully stabilized, due to inconsistencies which have atisen consequent to migration, coding and accounting processes effected in the nine months period ended 31% December, 2016. The inconsistencies are in the process of identification and rectification by the Company. The financial effect, if any, of these inconsistencies for the nine months period ended 31" December, 2016 is not ascertainable, Our review report on the quarterly financial results for the quarter ended 30" June, 2016 and half yearly financial results for the period ended 30" September, 2016 ‘was also qualified in this regard. 4, As disclosed in note 5 to the financial results, Trade Payables, Loans and Advances and balances appearing under Trade Receivables are subject to reconciliations, The financial impact of this is not ascertainable and to that extent we do not have any information in respect of such balances, Our review report on the quarterly financial results for the quarter ended 30" June, 2016 and half yearly financial results for the period ended 30” September, 2016 was also qualified in this regard, 5. Based on our review conducted as above, except for the possible effects of qualifications as described in the previous paragraphs, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards, as notified under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to note 7 to the financial results regarding Gas Sales Agreement with Gail (India) Limited, for non utilisation of RLNG for contract year 2014 and 2015. Against these, the company received demand from supplier aggregating to Rs. 7,015 lacs towards Annual Take or Pay Deficiency basis. ‘The company has denied the liability in this regard to the supplier and the management is confident that there will be no material amount on resolution. In view of this, no effect of the same has been given in these results. Our review report on the quarterly financial results for the quarter ended 30" June, 2016, half yearly financial results for the period ended 30" ‘September, 2016 and audit opinion on the financial statements for the year ended 31 March, 2016 were also emphasized in this regard. Our opinion is not modified in respect of this matter: For Mittal Chaudhry & Co, Chartered Accountants Nitin Chaudhry Place : Date : February 14, 2017 Partner Membership No. 091463 JAGATAIT INDUSTRIES LIMITED Regd, Offlcn: Jagat Nagar ~ 14 802, Dist Kapurtala (Punjab) Corporat dently Number: L1520PB1944PL.C001070 Phones: (0181) 2788112 Fax (0161) 2783118 mall @jagalit com Website: war Jagatitcom UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED DECEMBER 31,2016, (Repeas ine) Tae otis | Presang | Tire Manes Nine ons | ine Woot] Yar Ended | Testis | "Ended. | Ended | Ended | ees tole atta | "enies | ottazo1s | atezoie | st razois | oxenante (itertimtes | 20002016 | (Ateinied |(AtorLimied| (Mortimted | ued review) | (ter timtes | “review” |\'even) | neve re a ay a a wi a "|ireone ram oreo (2) Net Steno tom Operatens toass] more] zane] czas] asso] stat Voss: Excite Duy 08) “a2 ‘asse] —2sste) 3009] ta Nat Sata fx0 Du) Arcome fenopentore is4zo] taco] teazn0) scene] sos] ewan | ober open nome 1 ass esa] _ 2a 190o] sou tana tom peraton (ot) aime] s3007] wana | anova] szae| eno 2 fexpnsae Ja. costo atria consued ss] sas oso] rzasof asia] an. r I Pachasof sockinace Sea See Ee) te] 29 e. Change ininvennies of thd god, won pores and skin ae oa} a9 00] soa (2) sor a. Enplyees Donets expense eo] 9 1988] 8.302 Seo] rr a. Ceeecaton ae amcrtaaionExpenee fea $08 a8 ‘ea es) art I per Expenses ais] 4380 2am) isso] saa] sa o- Seing parses the) et 2m) "Sed ace) “ta “el Expanen raez] 14950) arson] ansos] asco) Tatra 2 Prosutas) tom Operations tfers thr Incr, tance cone Excotons tome( 2) can] 1955] cess] een 16] eo) 4 [omerinane al 2 2 si * as § [Protos fm ana aces bore ve] css ca} eas] 10] esa) finance cost and exceptional Hane (4) « nance cost seo) at? toss! sare sco] ar 7 [protitos rom rsnay actin aor cas] @osn] aan) ass] an) ea] [nance cots tt before excoptone esis) 2 ssceptonl tons 5 : : : : 2 [Promos rom orn Atos wae] aosnf 20m] zs] gaan] rr tx eros) 10 ffactipense "Borent Ta Forth yar ; : cs Detred Tx : AT Cro Enttarent : : : : 11 et Presvtoes fom Oran Actes sen osm) nase] asa] aan] 05 [ater Tox 10) 12 lotvoardnay tom (tof axcrpenss Rs) : : : : : 18 et Prostose for topo (1-12) Refr een] —eesnf 20m] 250] eas] "Stoetabelon rem prose) rom Contra nd Gaconng operons toe Protos fr to per fom ong portent «1s08) ies) s.a45] asm] ran] oan] toe Protos forthe pls fom conning ea| (sao) eo] queen «4 104 eeatorn 14 Pais ty Share Capa 41s) 4015 sors] ass sors (ace vt Re 0p char) 15 |Resenesexchig revatio reserve fav pr blr sat previous counting a) 3,806] 16: Eaing Por Share Galore exraorinay ems) \Rs-10b2ach Yrot annualised) () Basic (asa) (30) 295] 18.62) (es) (15.08) [@) bites (432) (6.99) (295)] (1882) (651) (18.08) 101] Eaming Pee Shae (ater exrarcinary tems) \fs.10boach Yrot annualised) Ke) Basic asa] (29) 205] (1802) sn} (800) (2) Diutes (432) 29) 205] 16.9) sn 5.08 ‘Segment wise Revenue, Results and Capital Employed (Rupees in ics) Three Wonths | Preceeding | Tivee Wha | Wine Months [Nine Nontie | Year Ended | Troe Monts | "Ended Ended Ended Ended paouan 3112206 | “ended | xt220%5 | 112201 | suaza01 | onaa2018 (AorLimied | 90.00.2016 | (AferLimted |(Ater Limited | (Atertintes | (ated) review) | (AferLimted | ~ review) | review) | review) | ever) : oa zr 8 a a 1} 1 [Seoment Revenue(net of Excise Duy) la Boveraoes| sss} tore tsara] — sn061 aaa sst0 8. Food 2ar 2400 3004] 70s e440 seor [o. ofers 2." ‘38 375] aM 1289 ‘i622 [rota reas] 13007 weese) sata szste| 05089 lz. |seament Resuts la Beveraoes feo} aay] 0] (a4 1.366] 1,18 8. Food 134 ‘6 an “468 ‘80 ‘700 [e oters “| 19 a 325 8 (40) [rota oe (609) sto] ast 2.0} 498 Less: 9 trot (et ssa 4.206 tose] 3,380 23908 3981 i) Other uralocable expenditure Net ‘sea 3) Tos] 3503 2384 3204 ‘of un alocabie income [Total ProfLoes) Before Tex (s87| G81) (1.200)| 7.280) een (e719 Is. |Copta Emloyod [Segment Assets-Segment Curent Liaities) la. Boverages 2iaes| 23,888 sogte| 21.408 20848 25.035 1. Food ‘03602 9.098 10502 9,185 0.245 Ic. Omers Unaocabie 5516 7256 5.516] 4s2| 2.464| rota 7606 | 41,108 asars| 7606 ears] ara Notes: 1. The above resuts wore reviawed bythe Auct Commit “Limited Review” by he Statutory Autors ofthe Company. 2 Segment revenue and resus of Boverages segment forthe current quater and rine months ended 1.122016 include renal income of Rs 645 lacs and RE, {447 acs and i, 1957 lacs and Rs. 1,307 lacs respectively fom the surplus proprio tha company. 1 approved by the Board of Directors at its meeting held on {4.022017 and have undergone ‘3 Unaocabie expenditure net of unaloceble income forthe period ended 31.12.2018 includes income of Rs. 31 lac & expenses of RE. 1,852 lacs on aocount ‘of dscontnued operation of packaging business, The expanses forthe period ended 31.12.2016 includes a sum of Rs. 1,706 lac on account of sale of xed sees, Capital employed on account of csontinng operations is Rs 847 lacs as on Sts! December, 206. “4. The Company has migrate from old accounting software to Oracle EBS ERP based accounting and reporting system at ts Head Oe at Neh Place, ‘Naw Dah locaton and Hamira Uni, Dist Kapurbwzla (Purat) locaton wet 1st Api 2076. The aforsaia accountng and repering sytem adopted at ho ‘tove mentioned two locations has not yt ‘uly tabized, die to ncanistences which have arsen consequent to migration ‘coding and accounting [rocestes elected in nine months parod ended 3ist Oscember, 2016. The inconsistencies ara in the process of identification and rectifcabon by the ‘Company. The tancil effec any, ofthese Inconsistencies as on ine months period ended 9st December, 2016 is not eacetanae ‘The franca tec. any, ofthe retfeations shal be accounted fon subsequent quoter. ‘5 Thebalances of the Trade Payable, Trade Revelvables and loans and advances ae in he process of reconciaton. {Provision for doer tax shal be accounted fra the end of the year: 7 Intems of Gas Seles Agrooment dated 27.12.2008 between GAIL (ha) Ltd. (Supper) andthe company, fr the supply of RLNG by former, the company has not ulized the minimum stplated quantity of RLNG, duet cleser of lass unt situated al Sahbabad (U.P). The super has raised domand towards ‘Anal Take or Pay doficiency basa forthe contract year 2014, amounting to Rs. 748 lace and for contract year 2018, amounting to Rs. 5,260 aes, ‘aggregating to Rs, 7,015 bcs, The Company has reposentod to he supper, hat de o reasons boyend thor conta, tho Glass wit had to Bo closed permanenty ané production dscontinves. Consequently, as theres no longer any requirement of Forte, Management Is confident tat hore wil nat be any mataril amount on resluton/setemont patios may be tested as cacharged ints regrd '5 Figuos of the previous paiod have be@t oyped /roclascifed, whoravernocossary to make them comparable scouts) For JAGATJIT INQUSTRIES LIMITED uti ece RAVI MANCHANDA WHOLE TIME DIRECTOR Place: Now Dah Date 14tn February 2017