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 jil@jagatjit.com; Website : wwwjagatjit.comMITTAL 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: www.meco.in 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 quarterended 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. 091463JAGATAIT 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)
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‘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