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Jai Corp Limited Regulatory Filings 2024

Aug 14, 2024

59335_rns_2024-08-14_55a70777-7d01-4243-9a9c-de598d2f5943.pdf

Regulatory Filings

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Jai Corp Limited

Corporate Office: #603, Embassy Centre, Backbay Reclamation, Nariman Point, Mumbai- 400 021. Tel: 91-22-3521 5146/3139 6050; E-mail: [email protected]/ E-mail for investors: [email protected] CIN: L17120MH1985PLC036500 website: www.jaicorpindia.com

August 14, 2024

The Listing Centre, BSE Limited, Mumbai.

The Manager, Listing Department, National Stock Exchange of India Ltd., Mumbai.

Sub: Outcome of Board Meeting, Un-audited Financial Results & Limited Review Reports for the quarter ended June 30, 2024.

Dear Sir / Madam,

At the meeting held today the Board inter alia:

  • i. Approved the enclosed un-audited standalone and consolidated financial results of the Company for the quarter ended 30 th June 2024.
  • ii. Took note of the enclosed Limited Review Reports for the quarter ended 30 th June 2024.

Extract of the standalone and consolidated un-audited financial results as given for publication in the newspapers, 'The Free Press Journal' and 'Navshakti' is also enclosed.

The meeting of the Board of Directors commenced at 16:00 hrs. IST and ended on 17:20 hrs. IST.

Kindly acknowledge receipt.

Thanking you, Yours faithfully For Jai Corp Limited

ANANJAN DATTA

Digitally signed by ANANJAN DATTA Date: 2024.08.14 17:20:45 +05'30'

Company Secretary Encl.: As Above.

JAI CORP LIMITED
Regd. Office: A-3, MIDC Industrial Area, Nanded - 431603, Maharashtra
CIN: L17120MH1985PLC036500 . Phone : (022) 3521 5146
Website: www.jaicorpindia.com . e-mail for investors: [email protected]
(Rs. in Lakh except per share data )
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30™ JUNE, 2024
QUARTER ENDED oe
ENDED
s. Particulars 30.06.2024 31.03.2024 30.06.2023 31.03.2024
No Unaudited Unaudited Unaudited Audited
Income
1 (a) Revenue from Operations 12,055 12,189 11,354 45,784
(b) Other Income 384 1,325 271 2,355
Total Income '
12,439		 13,514 11,625 48,139
2 Expenses
(a) Cost of Materials Consumed 7,497 8,431 6,879 32,082
(b) Purchases of Stock-in-trade 27 - 35 94
(c) Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade 1,186 (208) 1,631 87
(d) Employee Benefits Expense 814 952 811 3,657
(e) Finance costs 4 4 2 14
(f) Depreciation and Amortisation expenses 184 191 216 835
(g) Other Expenses
Total Expenses		 1,065 1,136 968 4,249
3 Profit/(Loss) before exceptional items and tax (1-2) 10,777
1,662		 10,506
3,008		 10,542
1,083		 41,018 .
7,121
4 Exceptional Items -
:
5 Profit/(Loss) before tax from Continuing Operations(3-4)		 1,662 3,008 1,083 7,124
6 Tax Expenses
(a) Current Tax 466 607 278 1,693
(b) Deferred Tax (107) v (39) (1)
7 Profit/(Loss) for the period/year from Continuing Operations(5-6) 1,303 2,394 844 5,429
8 Discontinuing Operations (Refer Note No. 2)
Profit/(Loss) before tax from Discontinuing Operations (3) (11) (7) (82)
Tax Expenses of Discontinuing Operations (1) (2) (3) (13)
Profit/(Loss) for the period/year from Discontinuing Operations
:		 (2) (9) (4) (39)
9 Profit/(Loss) for the period/year (7+8) 1,301 2,385 840 5,390
10] Other Comprehensive Income (OCI)
(A) (i) Items that will not be reclassified to Profit and Loss: 213 (26) 4 (14)
(ii) Income tax effect oh above
(B) Items that will be reclassified to Profit and Loss		 (1) (2) (1) (5)
Total Other Comprehensive Income -
212		 -
(28)		 -
3		 -
(19)
11]Total Comprehensive Income (after Tax) (9+10) 1,513 2,357 843 5,371
12) Paid-up Equity Share Capital 1,785 1,785 4,785 1,785
(Face value of Re. 1/- each)
13] Other Equity excluding revaluation reserve - - - 1,36,950
14] Earning per Share (Rs.) (* Not Annualised)
Basic & Diluted from Continuing Operations (Before Exceptional Item) 0,73: * 1.34 * 0.47 * 3.04
Basic & Diluted from Continuing Operations (After Exceptional Item) 0.73 * 1.34 * 0.47 * 3.04
Basic & Diluted from Discontinuing Operations (0.00) * (0.01) * (0.00) * (0.02)
Basic & Diluted from Continuing and Discontinuing Operations 0:73. * 1.33: * 0.47 * 3.02

Notes to the financial results:

1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14" August, 2024. The statutory auditor of the Company have carried out a limited review of the above results and issued the limited review report.

ny The Board of Directors at its meeting held on 29" June, 2020 has approved discontinuation of the operations of the Spinning Division of the Company in a phased manner. Management does not envisage any material financial impact on the Company's operations due to discontinuation of the above Unit. The same has been considered as discontinuing operations in the above results, as prescribed under Indian Accounting Standards (Ind As) 105 "Non-current Assets Held for Sale and Discontinued Operations". Results of discontinuing operations are as under:

Rs in Lakh)
Ss. QUARTER ENDED YEAR ENDED
Particulars 30.06.2024 31.03.2024 30.06.2023 31.03.2024
No Unaudited Unaudited Unaudited Audited
4 Total Revenue 4 2 - 2
2 Total Expenses 7 13 7 54
3 Profit/(Loss) Before Exceptional Items (1-2) (3) (11) (7) (52)
4 Exceptional Items - : - -
5 Profit/(Loss) Before Tax (3-4) (3) (11) (7) (52)
6 Tax Expenses (1) (2) (3) (13)
7 Profit/(Loss) from Discontinuing Operations (5-6) (2) (9) (4) (39)

3 The figures for the corresponding previous quarter/year have been rearranged/regrouped/reclassified wherever necessary, to make them comparable. .

Date :- 14" August 2024 Place:- Mumbai

For and on Behalf of the Board rav Jain naging Director IN 00077770)

JAI CORP LIMITED

Regd. Office: A-3, MIDC Industrial Area, Nanded - 431603, Maharashtra CIN: L17120MH1985PLC036500 . Phone : (022) 3521 5146 Website: www. jaicorpindia.com . e-mail for investors: [email protected] STANDALONE SEGMENTWISE REVENUE, RESULTS AND SEGMENT INFORMATION FOR THE QUARTER ENDED 30™ JUNE, 2024

QUARTER ENDED
Particulars 30.06.2024 31.03.2024 30.06.2023] 31.03.2024
Unaudited Unaudited Unaudited Audited
SEGMENT REVENUE
1
Steel 26 6 20 26
Plastic Processing 12,029 12,183 11,334 45,758
Spinning * : - - -
Total Segment Revenue 12,055 12,189 11,354 45,784
Less: Inter Segment Revenue - - - -
Net Sales/Income from Operations 12,055 12,189 11,354 45,784
2 SEGMENT RESULTS
Steel (47) 77 (89) (5)
Plastic Processing 1,459 2,809 1,023 6,527
Spinning *
Total Segment Results (Before interest and Tax)		 (3) (11) (7) (52)
1,409 2,875 927 6,470
Less: Finance Cost
Less: Exceptional Item		 4 4 2 14
Other unallocable Expenditure net off
Add:		 Mg 3
unallocable income 254 126 613
Total Profit / (Loss)before tax 1,659 2,997 151
1,076		 7,069
3 SEGMENT ASSETS
Steel 859 929 977 929
Plastic Processing 20,534 21,909 19,011 21,909
Spinning * 204 226 233 226
Unallocated 1,21,737 1,19,708 1,17,647 41,19,708
Total Segment Assets 1,43,334 1,42,772 1,37,868 1,42,772
SEGMENT LIABILITIES
Steel 30 64 134 64
Plastic Processing 1,317 2,127 916 2,127
Spinning * 6 3 Ss) 3
Unallocated 1,735 1,843 1,713 1,843
Total Segment Liabilities 3,088 4,037 2,768 4,037

* Considered as Discontinuing Operations

Notes to Standalone Segment Information:

As per Indian Accounting Standard 108 'Operating Segment (Ind-AS 108) the Company has reported "Segment Information" , as described below:-

  • a) The Steel Segment includes production, processing and trading of Galvanised steel product.
  • b) The Plastic Processing Segment includes production of Woven Sacks/Fabric, Jumbo Bags, Staple Fibre and Geotextiles.
  • c) The Spinning Segment includes sales of Spun Yarn.
  • d) Other Investments/Assets and Income from the same are considered under "Un-allocable".
  • e) Figures in respect of the corresponding previous period/year have been rearranged / regrouped wherever necessary to make them comparable.

For and on Behalf of the Board

Date :- 14" August, 2024 * 4 ) Bs aang Dikector 4 _ Place:- Mumbai eae DAS (Or 00077770) ee

Independent Auditor's Review Report on Unaudited Standalone Financial Results of the Company Pursuant to the Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To The Board of Directors Jai Corp Limited

  • We have reviewed the accompanying statement of Unaudited Standalone Financial Results of Jai Corp Limited ("the Company") for the quarter ended 30" June, 2024, ("the statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Regulation"), as amended.
  • This statement is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (Ind AS 34) as prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the statement based on our review.
  • We conducted our review of the statement 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 statements are free of material misstatement. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4, Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying unaudited standalone financial results, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Chaturvedi & Shah LLP

Chartered Accountants Firm Registration No. 101720W/W100355

f= hA A felice—

Lalit R Mhalsekar Partner Membership No. 103418 UDIN: 24103418BKCRTF4376 Place: Mumbai Date: 14" August, 2024

JAI CORP LIMITED
Regd. Office: A-3, MIDC Industrial Area, Nanded - 431603, Maharashtra
CIN: L17120MH1985PLC036500 . Phone : (022) 3521 5146
Website: www jaicorpindia.com . e-mail for investors: [email protected]
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE, 2024
Rs. in Lakh except per share data )
Ss. QUARTER ENDED
No. Particulars 30.06.2024 31.03.2024 30.06.2023 31.03.2024
Unaudited Unaudited Unaudited Audited
1 Income
Revenue from Operations
(a)
Other Income		 12,092
718		 12,274
1,698		 11,555
619		 46,306
3,669
(b)
Total Income		 12,810 13,972 12,174 49,975
2 Expenses
Cost of Materials Consumed
(a)		 7,497 8,431 6,879 32,082
Purchases of Stock-in-trade
(b)		 27 - 35 94
Changes in Inventories of Finished Goods,
(c)
Work-in-Progress and Stock-in-Trade		 41,715 (394) 1,690 12
Employee Benefits Expense
(d)		 835 977 1,076 3,991
Finance costs
(e)		 5 5 3 18
Depreciation and Amortisation expenses
(f}
Other Expenses		 281 288 312 1,222
(g)
Total Expenses		 1,256
11,016		 1,554
10,861		 1,172
11,167		 5,191
42,610
Profit / (Loss) before exceptional items and tax from Continuing
3 Operations (1-2) 1,794 3,111 1,007 7,365
4 Share of Profit/(loss) in associates (2) (125) (35) (173)
Profit / (Loss) before exceptional items and tax from Continuing
Operations (3+4)		 2,986 972 7,192
5
6		 Exceptional Items 1,792
7 Profit / (Loss) before tax from Continuing Operations(5-6) -
1,792		 -
2,986		 =
972		 -
7,192
8 Tax Expenses
Current Tax
(a)		 611 609 278 1,764
Deferred Tax
(b)
Income Tax of earlier years
(c)		 (94) 21 140 142
(1)
9 Profit / (Loss) for the period/year from Continuing Operations (7-8) -
1,375		 -
2,356		 -
554		 5,287
10 Discontinuing Operations (Refer Note No. 4)
Profit/(Loss) before tax from Discontinuing Operations (3) (11) (7) (52)
Tax Expenses of Discontinuing Operations (1) (2) (3) (13)
11 Profit/(Loss) for the perlod/year from Discontinuing Operations
Profit / (Loss) for the period/year (9+10)		 (2)
1,373		 (9)
2,347		 (4)
550		 (39)
5,248
12 Other Comprehensive Income (OCI)
(i) Items that will not be reclassified to Profit and Loss:
(A)		 319 452 442 1,237
(ii) Income tax effect on above (65) (54) (51) (145)
(i) Items that will be reclassified to Profit and Loss
(B)		 8 (7) (41) (25)
(ii) Income tax on above - - - -
(C) Share of Other Comprehensive Income in associates
Total Other Comprehensive Income -
262		 -
391		 1
351		 bd
1,074
13 Total Comprehensive Income (after Tax) (11+12) 1,635 2,738 901 6,322
14 Net Profit/ (Loss) attributable to:
Owners of the Company
Non-controlling interest 1,373
0		 2,342
5		 §53
(3)		 §,253
(5)
15 Other Comprehensive Income attributable to:
Owners of the Company 263 390 351 1,074
Non-controlling interest
16 Total Comprehensive Income attributable to:		 (1) 1 - (0)
Owners of the Company 1,636 2,732 904 6,327
Non-controlling interest (1) 6 (3) (5)
17 Paid-up Equity Share Capital 1,785 1,785 1,785 1,785
(Face value of Re. 1/- each)
18 Other Equity excluding revaluation reserve
19 Earning per Share (Rs.) (* Not Annualised)		 - - - 1,46,829
Basic & Diluted from Continuing Operations (Before Exceptional Item) O77:
*		 ti32
°*		 0.31
*		 2.96
Basic & Diluted from Continuing Operations (After Exceptional Item) 077
*		 1.32
*		 0.31
*		 2.96
Basic & Diluted from Discontinuing Operations
Basic & Diluted from Continuing and Discontinuing Operations		 (0.00) *
0.77		 (0.01) *
1331)'		 (0.00) *
0.31		 (0.02)
2.94
* *

Notes to the financial results:

  • 1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 14" August, 2024. The Statutory Auditors of the Company have carried out a limited review of the above results and issued a qualified limited review report.
  • 2 The consolidated financia results for the quarter ended 30" June, 2024 does not include quarterly financial results / financial information , in respect of one of the associate companies, Urban Infrastructure Holding Private Limited, whose quarterly financial results / financial information for the quarter ended 30" June, 2024 is not available with the Company. The same has been qualified by the Auditors in their report on the consolidated results.
  • 3 (i) Interest accrued and due of Rs. 2147 Lakh on Inter corporate deposits , given by one of the subsidiaries of the Company in earlier years, which are overdue for substantial period of time and in respect of which the subsidiary has initiated legal proceedings. Management of the subsidiary company is of the view that the above receivables are good for recovery in view of value of the assets of the parties and commitment from the promoter of those parties and hence no provision for impairment is required against the above receivables. The subsidiary company continues its efforts to recover these receivables. The same has been qualified by the Auditors in their report on the consolidated results and was also qualified by the auditors in their reports on the consolidated financial statements and results for the earlier year/quarters.
  • (ii) Inter corporate deposits of Rs. 79 Lakh , given by one of the subsidiaries of the Company , which is overdue for substantial period of time and the subsidiary company has initiated legal proceedings against the party. In view of value of the assets of the party, the subsidiary company is of the view that the entire outstanding amount is recoverable and no provision for doubtful advances is necessary.The same has been qualified by the Auditors in their report on the consolidated results and was also qualified by the auditors in their reports on the consolidated financial statements for the year ended 31" March, 2024.
  • 4 The Board of Directors at its meeting held on 29" June, 2020 has approved discontinuation of the operations of the Spinning Division of the Group in a phased manner, Management does not envisage any material financial impact on the Group's operations due to discontinuation of the above Unit. The same has been considered as discontinuing operations in the above results, as prescribed under Indian Accounting Standards (Ind As) 105 "Non-current Assets Held for Sale and Discontinued Operations". Results of discontinuing operations are as under:
(Rs. In Lakh)
QUARTER ENDED
Ss. Particulars 30.06.2024 31.03.2024 30.06.2023 31.03.2024
No. Unaudited Unaudited Unaudited Audited
1 Total Revenue 4 2 - 2
2 Total Expenses 7 13 7 54
3 Profit/(Loss) Before Exceptional Items (1-2) (3) (11) (7) (52)
4 €xceptional Items - - - -
5 Profit/(Loss) Before Tax (3-4) (3) (14) (7) (52)
6 Tax Expenses (1) (2) (3) (13)
7_ Profit/(Loss) from Discontinuing Operations (5-6) (2) (9) (4) (39)

5 The figures for the corresponding previous quarter/year have been rearranged/regrouped/reclassified wherever necessary, to make them comparable. -

Date ;- 14" August, 2024 Place:- Mumbai

For, and on Behalf of the Board [prav Jain aging Director 00077770)

JAI CORP LIMITED

Regd. Office: A-3, MIDC Industrial Area, Nanded - 431603, Maharashtra CIN: L17120MH1985PLC036500 . Phone : (022) 3521 5146 Website: www.jaicorpindia.com . e-mail for investors: [email protected]

CONSOLIDATED SEGMENTWISE REVENUE, RESULTS AND SEGMENT INFORMATION FOR THE QUARTER ENDED 30™ JUNE, 2024

(Rs. in Lakh)
QUARTER ENDED YEAR ENDED
Particulars 30.06.2024 31.03.2024 30.06.2023
Unaudited Unaudited Unaudited Audited
1 SEGMENT REVENUE
Steel 26 6 20 26
Plastic Processing 12,029 12,182 11,334 45,758
Spinning* - = " -
Real Estate 37 85 202 522
Others - - - -
Total Segment Revenue 12,092 12,273 11,556 46,306
Less: Inter Segment Revenue - - : :
Net Sales/Income from Operations 12,092 12,273 11,556 46,306
2 SEGMENT RESULTS
Steel
Plastic Processing		 (47) 77 (89) (5)
Spinning* 1,459 2,809
(11)		 1,023
(7)		 6,527
(52)
Real Estate (3)
(6)		 (15) 84 138
Others 139 119 (159) 111
Total Segment Results (Before interest and Tax) 1,542 2,979 852 6,718
Less: Finance Cost 5 5 3 18
Less: Exceptional Item - - - -
Add: Other unallocable Expenditure net off
unallocable income 254 126 151 613
Add:- Share of Profit / (loss) in associates (2) (125) (35) (173)
Total Profit / (Loss) before tax 1,789 2,975 965 7,140
3 SEGMENT ASSETS
Steel
Plastic Processing		 859
20,534		 929
21,909		 977
19,011		 929
21,909
Spinning* 204 226 233 226
Real Estate 38,602 38,647 38,844 38,647
Others 12,543 12,322 11,258 12,322
Unallocated 83,318 81,314 79,287 81,311
Total Segment Assets 1,56,060 1,55,344 1,49,614 1,55,344
SEGMENT LIABILITIES
Steel
Plastic Processing		 30 64 134 64
Spinning* 4,317 2,127 916 2,127
6 3 5 3
Real Estate
Others		 2,446
270		 2,497
196		 2,626
129		 2,497
196
Unallocated 1,735 1,843 1,713 1,843
Total Segment Liabilities 5,804 6,730 5,523 6,730

* Considered as Discontinuing Operations

Notes to Consolidated Segment Information:

1 As per Indian Accounting Standard 108 'Operating Segment' (Ind-AS 108) the Company has reported "Segment Information" , as described below:-

a) The Steel Segment includes production, processing and trading of Galvanised steel product.

b) The Plastic Processing Segment includes production of Woven Sacks/Fabric, Jumbo Bags, Staple Fibre and Geotextiles.

c) The Spinning Segment includes sales of Spun Yarn.

d) The Asset Management activity Segment includes Investment Advisory Services.

e) The Real Estate Segment includes development of Land and Buildings.

f) The business segment not separately reportable have been grouped under "Others" segment.

g) Other Investments/Assets and Income from the same are considered under "Un-allocable".

2 Figures in respect of the previous year have been rearranged / regrouped wherever necessary to make them comparable.

Jain ging Director

Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To The Board of Directors Jai Corp Limited

    1. We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of Jai Corp Limited ("Holding Company") and its subsidiaries (Holding company and its subsidiaries together referred to as "the Group"), for the quarter ended 30" June, 2024 ("the Statement"), being submitted by the holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").
    1. This*Statement, which is the responsibility of the Holding Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' (Ind AS 34) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
    1. We conducted our review of the Statement 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 of Interim Financial Information consists of making enquiries, primarily of Holding's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular No. CIRJCFD/CMDI/44/ 2019 dated 29" March, 2019 issued by the Securities and Exchange Board of India under Regulation 33 (8) of the of the Listing Regulations, to the extent applicable.

  1. The Statement includes the results of the following entities: -

List of subsidiaries:

Ashoka Realty and Developers Limited, Belle Terre Realty Limited, Ekdant Realty and Developers Limited, Hari Darshan Realty Limited, Hill Rock Construction Limited, Hind Agri Properties Limited, Iconic Realtors Limited, Jailaxmi Realty and Developers Limited, Krupa Land Limited, Krupa Realtors Limited, Multifaced Impex Limited, Novelty Realty and Developers Limited, Oasis Holding FZC, Rainbow Infraprojects Limited, Swar Land Developers Limited, Swastik Land Developers Limited, Urban Infrastructures Venture Capital Limited, Vasant Bahar Realty Limited, Welldone Real Estate Limited, Yug Developers Limited and Jai Corp Welfare Foundation.

List of Associates:

Searock Developers FZC and Urban Infrastructure Holding Private Limited.

5. Basis for Qualified Conclusion

  • (i)-. We draw attention to Note No. 3(i) and (ii) to the Consolidated Financial Results regarding Intercorporate deposits given by one of the Company's Subsidiary and interest accrued & due aggregating to Rs. 2,226 Lakhs which is overdue for substantial period of time, where subsidiary of the company has initiated legal proceedings against the said recoverable and Management of that Subsidiary have considered the said amount as good for recovery and no provisions for impairment have been considered necessary, for the reasons stated therein. The matter described above has uncertainties related to the outcome of the legal proceedings and therefore Auditors of the Subsidiary Company are unable to express an opinion on the ability of the Subsidiary Company to recover the outstanding amount and possible impacts on the financial results of the subsidiary Company and Consolidated Financial Results of the Company.
  • (ii) We draw attention to Note No. 2 to the Consolidated Financial Results ('the Statement') which does not include quarterly financial result/financial information for one Associate company i.e. Urban Infrastructure Holdings Private Limited, whose quarterly financial result/financial information is not available with the management for the quarter ended June 30, 2024.
    1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, except for the possible effects of the matter described in the paragraph 5 above " Basis for Qualified Conclusion", nothing has come to our attention that causes us to believe that the accompanying statement of Unaudited Consolidated Financial Results, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standard ("Ind AS") as specified under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

  1. We did not review the Quarterly Financial Results of 20 subsidiaries included in the Unaudited Consolidated Financial Results, whose quarterly financial results reflect Total Revenue of Rs. 372 Lakhs, Total Net Profit after tax of Rs. 72 Lakhs and Total Comprehensive Income of Rs. 115 Lakhs for the quarter ended 30" June, 2024, as considered in the Unaudited Consolidated Financial Results.

These Quarterly Financial Information/Financial Results have been reviewed by other auditors, whose reports have been furnished to us by the Management and our conclusion on the statement, in so far as it relates to the amount and disclosures included in respect of these subsidiaries and associate is based solely on the reports of the other auditors and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of these matters.

For Chaturvedi & Shah LLP Chartered Accountants Firm Registration No. 101720W/W100355

(~ ho pepe

Lalit R. Mhalsekar Partner Membership No. 103418 UDIN: 24103418BKCRTG1825

Place: Mumbai Date: 14" August, 2024

JAI CORP LIMITED

Read. Office: A-3, MIDC Industrial Area, Nanded - 431603, Maharashtra

CIN: L17120MH1985PLC036500

EXTRACT OF STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30" JUNE 2024

(Rs. In Lakh except as stated)
Standalone Consolidated
S.No
o_—		 Particulars Quarter
Ended
30.06.2024		 YearEnded
31.03.2024		 Quarter
Ended		 Quarter
Ended
30.06.2023 30.06.2024 31.03.2024] 30.06.2023		 Year
Ended		 Quarter
Ended
1 Total Income from Operations from Continuing Operations 12,439 48,139 11,625 12,810 49,975 12,174
2 Net Profit/(Loss) for the period/year ( before Tax, Exceptional
and/or Extraordinary items) from Continuing and
Discontinuing Operations		 1,659 7,069 1,076 1,789 7,140 965
3 Net Profit/(Loss) for the period/year before tax (after
Exceptional and/or Extraordinary items/Associates) from
Continuing and Discontinuing Operations		 1,659 7,069 1,076 1,789 7,140 965
4 Net Profit/(Loss) for the period/year after tax (after
Exceptional and/or Extraordinary items/Associates) from
Continuing and Discontinuing Operations		 1,301 5,390 840 1,373 5,248 550
5 Total Comprehensive Income for the period/year [Comprising
}Profit((Loss) for the period/year (after tax) and Other
Comprehensive Income (after tax)]		 1,513 5,371 843 1,635 6,322 901
6 _ Equity Share Capital 1,785 1,785 1,785 1,785 1,785 1,785
7 Earnings Per Share ( of Re. 1/- each) (for continuing and
discontinued operations)-
Basic & Diluted		 0.73 3.02 0.47 0.77 2.94 0.31
8 Other Equity excluding Revaluation Reserve - - - - -

Note:

a) The above is an extract of the detailed format of Quarterly and Yearly Financial Results filed with the Stock Exchanges under Regulation of the SEBI( Listing and Other Disclosure Requirements) Regulations, 2015 read with SEBI circular 5" July,2016 .The full format of the Quarterly and Yearly Financial Results are available on the websites of the Stock Exchange(s) BSE Limited (www.bseindia.com )and National Stock Exchange of India Limited (www.nseindia.com) and the Company (www. jaicorpindia.com)

b) Qualified Opinion expressed by Independent Auditors on Consolidated Financial Results:

i) The consolidated financial results for the quarter ended 30" June, 2024 does not include quarterly financial results / financial information , in respect of one of the associate comapnies, Urban Infrastructure Holding Private Limited, whose quarterly financial results / financial information for the quarter ended 30" June, 2024 is not available with the Company.

ii) Interest accrued and due of Rs. 2147 Lakh on Inter corporate deposits , given by one of the subsidiaries of the Company in earlier years, which are overdue for substantial period of time and in respect of which the subsidiary has initiated legal proceedings. Management of the subsidiary company is of the view that the above receivables are good for recovery in view of value of the assets of the parties and commitment from the promoter of those parties and hence no provision for impairment is required against the above receivables. The subsidiary company continues its efforts to recover these receivables. The same has been qualified by the Auditors in their report on the consolidated results and was also qualified by the auditors in their reports on the consolidated financial statements and results for the earlier year/quarters.

iii) Inter corporate deposits of Rs. 79 Lakh , given by one of the subsidiaries of the Company , which is overdue for substantial period of time and the subsidiary company has initiated legal proceedings against the party. In view of value of the assets of the party, the subsidiary company is of the view that the entire outstanding amount is recoverable and no provision for doubtful advances is necessary.The same has been qualified by the Auditors in their report on the consolidated results and was also qualified by the auditors in their reports on the consolidated financial statements for the year ended 31 March, 2024.

C) The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on 14" August, 2024. The Statutory Auditors of the Company have carried out a limited review of the above results and issued the limited review report.

For and on Behalf of the Board

aurav Jain Managing Director (DIN 00077770)

Date :- 14" August, 2024 Place:- Mumbai

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