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Jindal Poly Films Ltd. Annual Report 2020

Jun 29, 2020

60548_rns_2020-06-29_0379f13e-ce6d-47b4-9463-8d97c62bd3d6.pdf

Annual Report

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Plot No. 12, Sector B-1, Local Shopping Complex, Vasant Kunj, New Delhi - 110070 (INDIA) Phone : 011-40322100 Fax : (91-11) 40322129 Web. : www.jindalgroup.com

�� JINDAL POLY FILMS LTD.

JPFL/DE-PT/SE/2020-21

29[th ] June, 2020

The Manager, Listing National Stock Exchange of India Ltd. Exchange Plaza, Bandra-Kurla Complex Sandra (E) MUMBAI - 400 051

The Manager Listing BSE Limited. Phiroze Jeejeebhoy Towers, Dalal Street, Fort, MUMBAI - 400 001

Dear Sir/Madam,

Sub: Out Come of the Board Meeting held on 29[th ] June 2020

(Scrip Code: BSE: 500227 and NSE: JINDALPOLY)

Pursuant to the provisions of the SEBI (LODR) Regulations, 2015, this is to inform you that the Board of Directors of the Company at its Meeting held today i.e. 29[th ] June 2020, has inter-alia considered and approved the followings:

  • Audited Financial Results ( Standalone and Consolidated) for the Financial year and Quarter ended March 31, 2020 (enclosed),

  • Audited Financial Statements ( Standalone and Consolidated) for the Financial year ended March 31, 2020,

  • The Auditors' Report on audited Financial Results of the Company for the Quarter and year ended March 31, 2020 (enclosed).

  • Recommended Dividend @ 10% (Re.1 per Equity Share) of the paid-up Equity Share Capital to the shareholders of the Company, for the Financial year ended March 31, 2020,

Declaration regarding Auditor's Report with unmodified opinion

Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that Statutory Auditors of the Company have issued Auditor's Report with unmodified opinion on the Annual Audited Financial Results of the Company for the financial year ended on 31·•March, 2020.

Meeting commenced at 15:30 and concluded at 19: 45

Kindly bring it to the notice of all concerned.

Yours Sincerely, For JINDAL POLY FILMS LIM TE F ii ,-,, �, 0 . � (. New Delhi 2. �---V SANJEEV KUMAR � F � COMPANY SECRETARY 0..- �[� ] ACS-18087 Encl. A/a

Regd. Office : 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr (U.P.) CIN: L17111UP1974PLC003979

JINDAL POLY FILMS LIMITED

CIN :- L17111UP1974PLC003979

Regd. Office: 19th K.M., Hapur Bulandshahr Road, P.O. Gulaothi, Bulandshahr (U.P.) Statement Of Audited Standalone Financial Results For The Quarter And Year Ended March 31, 2020

Rs in Lakhs except EPS Rs in Lakhs except EPS
S.No. Particular Quarer Ended Year Ended
31st Mar 2020 31st Dec 2019 31st Mar 2019 31st Mar 2020 31st Mar 2019
(Audited Refer (Unaudited) (Audited Refer (Audited) (Audited)
Note Noll) Note Noll )
1 Income
Revenue From Operatons 89,003 97,371 95,060 3,51,678 3,59,354
Other Income 2,915 878 5,652 7,366 10,623
Total Income 91,918 98,249 1,00,712 3,59,05 3,69,978
2. Epens
Cot of Materal Conume 5, 60,242 60,967 224,745 2,61,776
O,anges in Inventorie of Finishe Gs, Work-inproess and Stock in Trde (4,!3)
26		 1,383 (5,595)
(6,050)
Employee Benefits Expense 2,755 2,383 2,319 9,783 9,045
Finance Costs 1,846 1,302 1,102 5,378 4,157
Depreciaton and Amortsaton Expense 2,827 2,928 2,591 11,562 10,218
Other Expenses 16,528 14,486 16,882 57,950 52,258
Total Expenses 72,795 81,547 85,244 3,03,824 3,31,404
3. Profit Before Exceptional Items and Tax 19,12 16,702 15,469 55,221 38,573
4 Exceptonal Items gain/ (loss) (2,666)
(1,062)
(48,249)		 (3,754)
(57,655)
5 Profit/ (Loss) Before Tax 16,457 15,640 (32,781) 51,467 (19,082)
6 Tax Expenses charged/ (credit)
Current Tax (Refer Note 7) 3,073 5,537 509 12,582 8,236
Deferred Tax (Refer Note 7) (537)
(1,622)
10,857		 (8,991)
7,982
Total Tax 2,36 3,915 11,366 3,591 16,219
7 Net Profit (Loss) for the period 13,921 11,725 (44,147) 47,876 (35,301)
8 Other Comprehensive Income
Items that will not be reclassified to profit or loss (net of tax thereon)
- Remeasurements of post employment benefit obligations I 114 . 241 96 241
9 Total Comprehensive Income for the period (Comprising Profit/ (Loss) and 14,035 11,725 (43,906) 47,972 (35,060)
Other Comprehensive Income)
10 Other Equity (excluding revaluation reserve) 1,76,524 1,41,508
11 Paid up Equity Share Capital ( Face Value Rs. 10/- each) 4,379 4,379 4,379 4,379 4,379
12 Earnings/ (Loss) per share on Net Profit/ (Loss) (Not annualisedRs.) I
Basic & Diluted Eargs/ (Loss) Per Share 31.79 26.78 (100.82) 109.34 (80.62)
I

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Reportable Operating Segment Informations

Rs in Lakhs

S.No. Pariculars Quarter Ended Year Ended Year Ended
31st Mar 2020 31st Dec 2019 31st Mar 2019 31st Mar 2020 31st Mar 2019
(Audited Refer (Unaudited) (Audited Refer (Audited) (Audited)
Note Noll ) Note Noll)
1 Segment Revenue
Continued Operations
Packaging Films		 [
80,466		 89,813 86,293 3,21,347 3,27,210
Nonwoven Fabrics 8,537 7,558 7,081 30,331 25,621
Photographic product and other - 1,686 6,523
Revenue From Operations 89,003 97,371 95,060 3,51,678 3,59,354
2 Segment Resulls • **I I ** **.1 **
Continued Operations
Packaging Fil		 I
14,96		 15,943 11,0 48,067 23,768
Nonwoven Fabrcs 7 1,516 1,531 4,769 3,534
Photographic product and other - 270 . 1,173
Other Unallocable Income/ (Expenses) (Net) 2,668 (518)
(44,514)		 4,009 (43,401)
Profit/ (Loss) before Finance Cost and Tax 18,303 16,942 (31,679) 56,845 (14,925)
Less : Finance Costs 1,846 1,302 1,102 5,378 4,157
Profit (Loss) before tax 16,457 15,640 (32,781) 51,467 (19,082)
3 Segment Assets
Packaging Films 3,01,844 2,64,064 2,52,031 3,01,844 2,52,031
Nonwoven Fabrics 80,020 73,431 52,993 80,020 52,993
Photographic product and other - - 3,483 3,483
Unallocable Assets 48,821 53,281 47,280 48,821 47,280
Total Assets 4,30,685 3,90,776 3,55,787 4,30,685 3,55,787
4 Segment Liabilities
Packaging Films 1,71,487 66,144 64,975 1,71,487 64,975
, Non woven Fabrics 57,142 11,928 8,438 57,142 8,438
Photographic product and other - - 255 - 255
Unallocable Liabilites 21,152 1,46,558 1,36,232 21,152 1,36,232
Total Liabilities 2,49,782 2,24,630 2,09,900 2,49,782 2,09,900

Notes:

Financial Results has been prepared in accordance with The Indian Accounting Standards ("Ind AS"j prescribed w1der section 133 of the Companies Act 2013 read with the relevant rules issued thereunder.

2 The Financial Results and Segments were reviewed by the Audit Committee and taken on record al the meeting of the Board of Directors at their respective meetings held on 29th June 2020 and audit of these results has been carried out by the Statutory Auditors of the Company.

==> picture [87 x 82] intentionally omitted <==

3 Statement of Assets, Equi[ty ] and Liabilities

Rs in l.akhs

Assels
(1) Non Curent Assets
(a)
Propert, Plant and Equipment
(
Capital work-in-progress
(c)
Right to Us.e of asset
(d)
Intngible Asset
(e)
(1)
Itngibl Aset under Developmet
Fina Asst
- Ivel
- Oe Fi A
(
Oer Non Cu! Aet
Total on-Current Assets
(2) Current Assets
M
Inventories
(b)
Firncial Assets
- lnvestmenl
• Trade Receivable
- Cash ru1dCasll tquivalenls
- 1m1k Ba.ances other th.ii, Cash and Cash Equivalents
- Lans
• OU1er Jinlncial /sils
(c)
Current Tnx Assets (Net) (Refr Note 7)
(d)
Other Current Assets
Tol�I Current Assets		 I
As �t 31st Morch
2020
(Audiled)
2,1,459
16,161
1'61
567
-
•l,�9
59
1,635
2h7,0l5
57,529
37,!03
13,02'
24,715
im·
.
22,478
3,842
11,742
l,!13,671
4,0,65
4,$'9
1,76,624
1,80,,03
9!,856
9
20,;25
3,836
l,)1,915
24,!09
66
14'i
2,8
29,32
19..
'159
'
97,867
!,30,685
As at3lsl
March 201!
(AudJtcd)
Z,01,520
2,78-
149
367
52
47
5,82
2,11,638
ilt,17
•10,0•13
14,251
2,000
3,74•1
2,970
'9,670
3,520
9,77•1
1,44,149
9,55,787
•l,379
Ul,508
MS,86
6,122
.
29,298
2',1197
1,24,918
19,9
0.26
26,0)
" 1
16,69
.
89S3
3.55,787
�
#if,!
�r,
.
�
(
•/>-.
Tot�I Assets
,EquUy And Liabilities
{l) Equity
(a).l,quit•Sharecapitnl
(b)
Other Equity
Tota I Equity
(2) Non Current Liabilities
(a)
f'ina�1cial Lialilllle
•Borrowings
- Lease Llablllty
(b)
Deferred Tax Liabilllies(Net)
(c)
ther Non Current L!alilitie.,
Total Non-Current LiabiliLie
(:) Current Liabilities
4a)
Financial Liabilites
-Borrowings
- Lease Liability
- Trade Payables
(A) Total outtaing dues of micr enterprises and small enterprie! and
(B} Totl Pt tndig due o cdit ote tan mo entepri and smll
et
-Oter Fi Liabilite
(b)
Oter Current liabilites
(c)
Prov ons
Total Curent Liabilities
Tomi Liabilities

4 Standalone Statement of Cash Flow ••

Rs in Lakhs

4
Standalone Statement of Cash Flow ••		 4
Standalone Statement of Cash Flow ••		 Rs in Lakhs
Pariculars For the Year Ended 31st March l'or the Year Ended 31st Man:h
2020 2019
(Audited) (Audited)
A. Cash tnrtow/(Ontflow) From Operating Activities
Net Poft Before Tax 51,-167 (19,082)
Adjustments for
Depredaton and Amortsaton 11,562 10,218
Amortsaton of Defrred Goverent Grat (1,911) (1,55)
Net loss / (gain) on dpal/diof propert, plant and equipment 19 191
Gain o sale of Investent in Mutal Fund Unit (net) (3,020) (335)
Gain/ (Loss) on Sale of Equity Share (3,798)
Unrealise Gain o Foreig Curecy Tranctons and Translation
(coidered as Fie Cot)
Gain o Foreg Cu Tro ad Tranlaton (nt)
Fi Cot		 (3,5%)
(53)
5�7		 (2)
•l,157
lnhrst Income (4 (524)
Written of of C a of Otoy Coverb1'le Peference hares •19,137
and Reedemable Preference Shares (refer note 33,1)
Written Off Trading Advance (refer note 33,2) **9,1'19 **
Fair Value Adjustent on Financial Asset (net) (1,03) 1,527
Operating Profit before Working Capital Changes 58,466 46,737
Adjustment for
(Increase)/ Decrease in Trade and Oter Receivables (27) (2,779)
(Increase) / Decrease ln Inventories **(10,(05) ** (6,21)
Increase/ (Decrease) in Trade and Oter Payables (7,8) 15,261
Cash generated from Operations 39,695 52,967
Less : Diet Tax Paid (Net of refund reeived) (12,179) (7,509)
Net cash generate< (used in) from Operating Activities 27,516 45,459
B Cash Inflow/(Outfow) From Investing Activities
Puchase of Property, Plant & Equipment and Intangible Asset (49,108) (40,201)
Sales Proceeds of Property, Plant & Equipment 12/J 206
Aount received fom Industial Promoton Subsidy under Mega Project 9,914 11,'161
Purchase of Investent in Mutual Fund Unt (31,219) (3,578)
Sale of Investent (redempton of Mutal Fund unit) 35,027 15,625
Purchase of Investent in Equity Shares **(3,997) **
Sale of Investent (Equity Shares) 3,7S9
Movement in Fixed Deposits 1,335 1,876
Interest Received -180 48
Loan Given to relted partes 2,970 (4.3'11)
Loan Realised Back from related partes 1,609
Net Cash generated (used In) Investing activities (34,474) (51,071)
C Cash Inflow/(Outflow) From Financing Activities
Proceeds / (Repayments) of Non Current Borrowings (Net) 2,530 21,384
Proceeds/ (Repayment) of Current Borrowigs (Net) U92 **(12,555) **
Dividend paid (Includg Dividend Tax) (532) (523)
Payment of Leae obligaton ()
Iterest Paid (6,271) (3,776)
Ne Cash generate< (used in) Frm Financing Activitie 29,916 ------
40
Ne lncreas(Dcrea e) In Cash And Csh Equivalet (A+B+C 22,97 {1,)
Balance rsfe on Demerer (182)
Opening Balance o Cash and Cash Equivalents 1,9-10 3,02
Cloing Balance of Cash and Cash Equivalents **2,715 ** 1,940

-Figures in bracket repres nt outflows.

==> picture [86 x 80] intentionally omitted <==

  • 5 Exceptional items comprise gain / (loss), net,

  • (i) being exchange differences on translation / settlement of long term foreign currency loans for acquiring property, plant and equipment (Q4 Mar 2020 : Loss Rs 1898 Lakhs, Q3 Dec 2019: Loss Rs 1062 Lakhs, Q4 Mar 2019: Loss 48,249 Lakhs, FY 2019-2020: Loss Rs 2985 Lakhs, FY 2018-2019: Loss Rs 57,655 Lakhs) (ii) written off/provision of advance given to Jindal lndia Thermal Power Limited for purchase of power (FY 2018-19 Loss Rs 9149 Lakhs).

  • (iii) written off of balance amow,t of RPS and OCPS (FY 2018-19 : Rs 49137 Lakhs)

  • 6 Hon'ble National Company Law Tribw,al (NCLT) of Judicature Allahabad Bench vide their order dated 9th December 2019 sanctioned the scheme of arrangement ("Scheme") between Jindal Poly Films Limited (Demerged Company) and its wholly owned subsidiary Jindal Photo Imaging Limited (Resulting Company) for demerger of Photo Films Business (Demerged Undertaking as defined in the Scheme) w.e.f. appointed date 1st April 2019. The scheme became effective upon filing of certified copies of tl1e Orders of the NCLT with Registrar of Companies on 20th December 2019, which inter alia provides for demerger of Demerged Undertaking into Resulting Company, on a going-concern basis. Accordingly financial results as at 31st March 2020 have been prep.fred incorporating the effect of the Scheme w.e.f. appointed date 1st April 2019

  • 7 The Company elected to exercise tl1e option permitted w,der section 115BAA of the Income Tax Act 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, tile Company has recognised provision for income tax for the FY 31st March 2020 and re-measured its deferred tax liabilities basis the rate prescribed in tile said section.

  • 8 Effective from April 1, 2019, the Company has adopted Ind AS 116 "Leases" using modified retrospective approach, accordingly comparative information has not been restated. The adoption of tile new standard has resulted in recognising a right of use assets and corresponding lease liabilities. The effect of the adoption does not have any material impact on the financial results.

  • 9 COVID - 19 pandemic has caused serious disruption on the global economic and business environment. There is a huge uncertainty with regard to its inlpact which carmot be reasonably determined at this stage. However, the Company has evaluated and considered to tile extent possible tile likely inlpact that may arise from COVID-19 pandemic as well as all event and circumstances upto tile date of approval of these Financial results on tile carrying value of its assets and liabilities as on 31.3.2020. Based on tile current indicators of future economic conditions, tile Company estimates to recover tile carrying amow,t of tllese assets and adequate liquidity is available. These estimates are subject to w,certainty and may be affected by tile severity and duration of tile pandemic. The Company is continuously monitoring any material changes in future economic conditions.

  • 10 The Compan)' has upgraded its SAP system during the period and is under stabilisation. Management has taken adequate care to prepare tllese financial results and do not expect any material deviation in tile reported figures.

  • 11 The figures for tile quarter ended March 31, 2020 and March 31, 2019 are tile balancing figures between audited figures for tile full financial figures and the published year to date figures for tile nine montlls.

  • 12 Figures for tile previous quarters/period have been regrouped /rearranged wherever required, to make fuem comparable.

  • 13 The results of the Company are available for investors at www.jindalpoly.com, www.nseindia.com and www.bseindia.com

Place: New Delhi Date: 29.Jun.20

==> picture [184 x 123] intentionally omitted <==

JINDAL POLY FILMS LIMITED CIN :- L17111UP1974PLC003979

Regd. Office: 19th K.M., Hapur Bulandshahr Road, P.O. Gulaothi, Bulandshahr (U.P.) Statement Of Audited Consolidated Financial Results For The Quarter And Year Ended March 31, 2020

S.No.
1
2.
3.
4
5
6
7
8
9
10
11
Rs in Lakhs exccpl EPS
Pariculars
Quarer Ended
Year Ended
31st Mar 2020
31st Dec 2019 31st Mar 2019
31st Mar 2020
31st Mar 2019
(Audited Refer
(Unaudited)
(Audited Refer
(Audited)
(Audited)
Note Noll)
Note Noll )
Income
Revenue From Operations
89,218
97,562
1,02,843
3,54,451
3,72,621
Other Income
2,923
981
2,285
7,409
6,795
Total Income
92,141
98,543
1,0,712
3,61,861
3,79,416
Expenses
Cost of Materials Conumed
5,45
60,191
60,832
2,25,02
2,62275
Punhase of Stok in Trde
-
-
2
958
Cange in Invetories of finishe Gos, Workin-proress and Stok
(4,911)
188
698
(5,251)
(6,485)
in Trade
Employee Benefits Expense
2,857
2,454
2,409
10,061
9,270
Finance Costs
1,770
1,565
1,448
5,768
4,504
Depreciation and Amortisation Expense
2,895
2,997
2,634
11,835
10,392
Other Expenses
16,961
13,966
25,134
57,945
62,169
Total Expenses
73,021
81,361
93,157
3,05,383
3,43,083
Profit before share of profit of associates, exceptional item and tax
19,119
17,182
7,556
56,478
36,333
Share of Profit in Associates, accounted for using the equity method
56
Profit before exceptional items and tax
19,119
17,182
7,556
56,478
36,389
Exceptional Items gain/ (loss)
(2,666)
(1,062)
(51,063)
(3,754)
(60,469)
Profit/ (Loss) Before Tax
16,453
16,120
(43,506)
52,724
(24,080)
Tax Expenses charged/ (credit)
I
-
Current Tax (Refer Note 7)
3,034
5,757
646
12,908
8,630
Deferred Tax (Refer Note 7)
(507)
(1,718)
10,924
(9,049)
8,154
Tax Expenses charged/ (credit)
2,527
4,039
11,569
3,859
16,785
Net Profit (Loss) for the period
13,926
12,081
(55,076)
48,864
(40,865)
Other Comprehensive Income
Items that will may be reclassified to profit or loss (net of tax thereon)
-Exchange differences on translating the Finacial Statements of
(2)
-
(3,351)
(2)
(1,075)
foreign operations
Items that will not be reclassified to profit or loss (net of tax thereon)		 S.No.
1
2.
3.
4
5
6
7
8
9
10
11
Rs in Lakhs exccpl EPS
Pariculars
Quarer Ended
Year Ended
31st Mar 2020
31st Dec 2019 31st Mar 2019
31st Mar 2020
31st Mar 2019
(Audited Refer
(Unaudited)
(Audited Refer
(Audited)
(Audited)
Note Noll)
Note Noll )
Income
Revenue From Operations
89,218
97,562
1,02,843
3,54,451
3,72,621
Other Income
2,923
981
2,285
7,409
6,795
Total Income
92,141
98,543
1,0,712
3,61,861
3,79,416
Expenses
Cost of Materials Conumed
5,45
60,191
60,832
2,25,02
2,62275
Punhase of Stok in Trde
-
-
2
958
Cange in Invetories of finishe Gos, Workin-proress and Stok
(4,911)
188
698
(5,251)
(6,485)
in Trade
Employee Benefits Expense
2,857
2,454
2,409
10,061
9,270
Finance Costs
1,770
1,565
1,448
5,768
4,504
Depreciation and Amortisation Expense
2,895
2,997
2,634
11,835
10,392
Other Expenses
16,961
13,966
25,134
57,945
62,169
Total Expenses
73,021
81,361
93,157
3,05,383
3,43,083
Profit before share of profit of associates, exceptional item and tax
19,119
17,182
7,556
56,478
36,333
Share of Profit in Associates, accounted for using the equity method
56
Profit before exceptional items and tax
19,119
17,182
7,556
56,478
36,389
Exceptional Items gain/ (loss)
(2,666)
(1,062)
(51,063)
(3,754)
(60,469)
Profit/ (Loss) Before Tax
16,453
16,120
(43,506)
52,724
(24,080)
Tax Expenses charged/ (credit)
I
-
Current Tax (Refer Note 7)
3,034
5,757
646
12,908
8,630
Deferred Tax (Refer Note 7)
(507)
(1,718)
10,924
(9,049)
8,154
Tax Expenses charged/ (credit)
2,527
4,039
11,569
3,859
16,785
Net Profit (Loss) for the period
13,926
12,081
(55,076)
48,864
(40,865)
Other Comprehensive Income
Items that will may be reclassified to profit or loss (net of tax thereon)
-Exchange differences on translating the Finacial Statements of
(2)
-
(3,351)
(2)
(1,075)
foreign operations
Items that will not be reclassified to profit or loss (net of tax thereon)
12
13
14
15
16
17
18		 - Remeasurements of post employment benefit obligations
116
538
98
638
- Bargain Purchase Gain
19,832
19,832
Total Comprehensive Income for the period (ComprisingProfit /
14,041
12,081
(38,057)
48,961
(21,469)
{Loss) and Other Comprehensive Income)
Profit/ (Loss) For the period attributable to:
Owners of the parent
13,926
12,081
(55,076)
48,864
(40,865)
Non Controlling Interests
-
-
-
-
Other Comprehensive Income For the period attributable to:
Owners of the parent
115
-
17,019
97
19,396
Non Controlling Interests
-
-
Total Comprehensive Income For the period attributable to:
Owner of dle parent
I
14,01
121
(38,
4,91
(21,469)
Non Controllig Interests
Other Equity (excluding rvaluation resere)
1,1,51
2,Z,32
Paid up Equity Share Capital ( Face Value Rs. l(- each)
4,379
4,379
4,379
4,379
4,379
Earings/ (Loss) per share on Net Prfit/ (Loss) (Not annualisedRs.)
Basic & Diluted Eamings / (Loss) Per Share
31.81
27.59
(125.78)
Hl.60
(93.33)

==> picture [90 x 81] intentionally omitted <==

Reportable Operating Segment Informations

Rs in Lakhs

S.No.
Paricular		 Quarer Ended Year Ended Year Ended
31stMar2020 31st Dec 2019 31st Mar 2019 31st Mar 2020 31st Mar 2019
(Audited Refer
(Unaudited)		 (Audited Refer
(Audited)		 (Audited)
Note Noll) Note Noll)
1 Segment Revenue
Pckaging 'ilms		 80,681 90,004 94,076 3,24,120 3,40,476
1 onwovcn Fabrcs 8,537 7,558 7,081 30,331 25,621
Photograplli produ t ru,d other - 1,686 - 6,523
Revenue From Opcrlions 89,28 97,562 1,02,843 3,54,451 3,72,621
2 Segment Results •
Packaging Films
Nonwoven Fabrics
Photographic pruct and other
Other Unalloable Iome / (Epen ) (Net)
Pft/ (Lo) bfr Finance Cot and Tax
Less : Fi Cots		 I
I
i
I
I
17,441

6
144

18,

1,7		 16,627
1,516
-
(459)
17,68
1,565		 6,304
1,531
270

(5,163)
(49)
1,448		 49,632
4,769
-

4,09

58,491
5,768		 24,756
3,534
1,173
(49,039)
(19,577)
4,504
ProfV floss) before lax 16,453 16,120 (43,506)
52,724		 (24,080)
3 Segment Assets
Packaging Films 3,07,889 2,71,112 2,52,031 3,07,889 2,59,165
Nonwoven Fabrics 80,020 73,431 52,993 80,020 52,993
Photographic product and other - - 3,483 3,483
Unallocable Assets 50,444 51,505 47,280 50,444 1,42,413
Total Assets 4,38,352 3,96,07 3,55,787 4,38,352 4,58,054
4 Segment Liabilities
,Packaging Fils 2,12,326 66,938 65,612 2,12,326 65,612
Nonwoven Fabrics 20,159 11,928 8,438 20,159 8,438
Photographic product and other - 255 255
Unallocable Liabilities 20,437 1,49,587 1,58,049 20,437 1,58,049
Total Liabilities 2,52,922 2,28,454 2,32,354 2,52,92 2,32,354
  • mcludmg exceptional Items gam / (loss)

==> picture [93 x 83] intentionally omitted <==

Notes:

  • 1 Consolidated Financial Results has been prepared in accordance with The Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Companies Act 2013 read with the relevant rules issued thereunder.

  • 2 The Consolidated Financial Results and Segments were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on 29th June 2020 and audit of these results has been carried out by the Statutory Auditors of the Company.

  • 3 Statement of Assets, Equity and Liabilities Rs inLakhs

As al 31st
As al 31st
M.rh 202
March219
(Audited)
(Audited)
Assets
(1) Non Curnt Asset
(a) Propety, Plant and Equipment
(b) Cpitl work-in-progr
(c)
Rigt to Us of asets
(d)Intle Asl
(e) Intang1e A ue Dpt
(f
Financial A
Investments
Oter Financial Assets
(g)
Other Non Current Assets
Total Non-Currnt Assets
(2) Curent Assets
(a)
Inventories
()Financial Assets
- Investents
- Trade Receivables
- Cash and Cash Equivalents
- Bank Balances oter than Cash and Cash Equivalents
- Other Financial Assets
(c) Current Tax Assets (Net) (Refer Note 7)
(d) Other Curent Assets
Total Curent Assets		 J 25,
2,05,�6
IM61
27

16'
-
57
U9
-
367
6,01
9,654
539
•173
J,635
5,827

t62,578
3,14,284
5,93
49,370
37,9-1'1
40,109
12,62
14,'166
Z,106
2253
'M37
3,'•14
2478
267
3,179
3,572
t2911
29,989
1,75/74
1,3,70
Total Ass�ts
Equity And Liabilities
(1) Equity
(a) Equity Share capital
()Other Equity
Total Equity
(2) Non Curnt Liabilities
(a) Financial Liabilities
- Borowings
- Lease Liability
()Provision
(c)
Deferred Tax Liabilites (Net)
(d) Other Non Curent Liabilites
Total Non-Curent Liabilities
(3) Curnt Liabilities
(a)
Financial Liabilities
- Borowings
- Lease Liability
- Trade Payables
(A) Total outstanding dues of micro enterprises and small enterprises;
(B) Total outstandig dues of creditors other than micro eterprises and
s mt
-Oe Fi Lb te
(b) Oer Curt liab tie
(c)
P o
1"otal Cumnt liabilities		 4,38,352
4,58,054
4,379
4,379
l,81,051
2,21,322
1,85,4
2,25,701
94,86
6,U2
99
-
19
1'I
20,37
46,502
36,836
27,497
},52,196
1,42,135
26,989
24,577
66
-
l44
0
25,1$2
2,
l
29,410
2
18;9
16,501
10
2
1,0,'27
9,8		 },52,196
1,42,135

Tot-l Liabllit!cs		 4,,152
4,8,54

==> picture [98 x 82] intentionally omitted <==

4 Consolidated Statement of Cash Flow••

Rs in Lakhs

Paricu Jars
A.
Cash Inflow/(Oullow) From Operating Actvities
Net Profit Before Tax
Adjustents for.
Depreciation and Amortsaton
Amortisaton of Deferred Government Grant
Net loss/ (gain) on disposal/ discard of proper, plant and equipment
Gain on sale of Investment in Mutual Fund Units (net)
Unrealised Gain on Foreign Currency Transactions
and Translation
(considered as Finance Cost)
Gain on Foreign Currency Transactons and Translatons (net)
Finance Cost
Intrest Income
Written off of Crring amount or Optionally Convertble Preference Shares and
Reedemable Prnce Share (refr nol 33.1)
Written Off Trding Advance (rfer nole 33.2)
Fair Value Adjustent on Financial Assets (net)
Operating Profit before Working Capital Changes
Adjustment for
(Increase)/ Decrease in Trade and Other Receivables
(Increase)/ Decrease in Inventories
Increase/ (Decrease) in Trade and Other Payables
Cash generated from Operatons
Less: Direct Tax Paid (Net of refund received)
Net cash generated (used in) from Operating Activites
B.
Cash lnflow/(Oullow) From Investing Activities
Purchase of Property, Plant & Equipments and Intangible Assets
Sales Proceeds of Propert, Plant & Equipments
Amount received from Industial Promoton Subsidy under Mega Project
Purchase of Investments in Mutual Fund Units
Sale of Investment (redemption of Mutual Fund units)
Purchase of Investent in Equity Shares
Movement in Fixed Deposits
Interest Reeived
Loan Given to related parties
Net Cash generatec (used in) investing activities
Cash lnflow/(Oullow) From Financing Activites
Proceeds /(Repayments) of Non Current Borrowings (Net)
Proceeds / (Repayments) of Current Borrowings (Net)
Dividend paid (Including Dividend Tax)
Payment of Lease obligation
Interest Paid
Net Cash generated (used in) From Financing Activities
Net lncrease(Decrease) In Cash And Cash Equivalents (A+B+C)
Balance tansfer on Demerger
Opening Balance of Cash and Cash Equivalents
Closing Balance of Cash and Cash Equivalents		 s

For the Year Ended 31st March For the Year Ended 31st March
2020
2019
(Audited)
(Audited)
51,467
11,562
(1,911)
19
(3,020)
(3,536)
(53)
5,378
(437
(1,003)
58,466
(448)
(9,623)
(8,233)
40,162
(12,179)
(49,108)
124
9,914
(31,219)
35,027
(3,97)
1,335
480
2,970
32,530
4,192
(532)
(3)
(6,660)
27,983
(34,474)
-----
29,526
23,035
(182)
2,253
25,106
(24,135.88)
10,392.17
(1,545.00)
191.00
(353.58)
0
(2,365.80)
4,53.59
(52.62)
49,137.48
9,148.95
4,337.31
48,786.62
(345)
(6,832)
15,489
57,097
(7,874)
(42,271)
208
4,464
(34,578)
15,773
1,876
480
17,831
(9,399)
(523)
(4,123)
49,224
(54,08)
3,787
(1,038)
3,230
2,193		 s

For the Year Ended 31st March For the Year Ended 31st March
2020
2019
(Audited)
(Audited)
51,467
11,562
(1,911)
19
(3,020)
(3,536)
(53)
5,378
(437
(1,003)
58,466
(448)
(9,623)
(8,233)
40,162
(12,179)
(49,108)
124
9,914
(31,219)
35,027
(3,97)
1,335
480
2,970
32,530
4,192
(532)
(3)
(6,660)
27,983
(34,474)
-----
29,526
23,035
(182)
2,253
25,106
(24,135.88)
10,392.17
(1,545.00)
191.00
(353.58)
0
(2,365.80)
4,53.59
(52.62)
49,137.48
9,148.95
4,337.31
48,786.62
(345)
(6,832)
15,489
57,097
(7,874)
(42,271)
208
4,464
(34,578)
15,773
1,876
480
17,831
(9,399)
(523)
(4,123)
49,224
(54,08)
3,787
(1,038)
3,230
2,193
(1,038)
3,230
2,193

** Figures in bracket represent outflows.

5 Exceptional items comprise gain / (loss), net, (i) being exchange diffetences on translation / settlement of long term foreign currency loans for acquiring property, plant and equipment (Q4 Mar 2020 : Lo Rs 1898 l.akhs, Q3 Dec 2 9: Lo Rs 1062 Lakhs, Ql Mar 2019: LoS5 48,249 Lakhs, FY 2019-2020: L<IBS Rs 2985 La1chs, FY 2018-2019: Loss Rs 57,655 l.akhs)

(ii) written off/provision of advance given to Jindal India Thermal Power Limiled for purchase of p ower (FY 2018-19 Loss Rs 9149 Lakhs). (iii) written off of balance amount of RPS and OCPS (FY 2018--19 : Rs 49137 Lakhs)

/ , ·' IiJ.&.... (W [},,lr1i .� :!:-/

  • 6 Hon'ble National Company Law Tribunal (NCLT) of Judicature Allahabad Bench vide their order dated 9th December 2019 sanctioned the scheme of arrangement ("Scheme") between Jindal Poly Films Limited (Demerged Company) and its wholly owned subsidiary Jindal Photo Imaging Limited (Resulting Company) for demerger of Photo Films Business (Demerged Undertaking as defined in the Scheme) w.e.f. appointed date 1st April 2019. The scheme became effective upon filing of certified copies of the Orders of the NCLT with Registrar of Companies on 20th December 2019, which inter alia provides for demerger of Demerged Undertaking into Resulting Company, on a going-concern basis. Accordingly financial results as at 31st March 2020 have been prepared incorporating the effect of the Scheme w.e.f. appointed date 1st April 2019

  • 7 The Company elected to exercise the option permitted under section 115BAA of the Income Tax Act 1961 as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, the Company has recognised provision for income tax for the FY 31st March 2020 and re-measured its deferred tax liabilities basis the rate prescribed in the said section.

  • 8 Effective from April 1, 2019, the Company has adopted Ind AS 116 "Leases" using modified retrospective approach, accordingly comparative information has not been restated. The adoption of the new standard has resulted in recognising a right of use assets and corresponding lease liabilities. The effect of the adoption does not have any material impact on the financi l results.

  • 9 COVID - 19 pandemic has caused serious disruption on the global economic and business environment. There is a huge uncertainty with regard to its impact which cannot be reasonably determined at this stage. However, the Company has evaluated and considered to the extent possible the likely impact that may arise from COVID-19 pandemic as well as all event and circumstances upto the date of approval of these Financial results on the carrying value of its assets and liabilities as on 31.32020. Based on the current indicators of future economic conditions, the Company estimates to recover the carrying amount of these ·assets and adequate liquidity is available. These estimates are subject lo uncertainty and may be affected by the severity and duration of the pandemic. The Company is continuously monitoring any material changes in future econ mic conditions.

  • 10 Figures for the previous quarters/period have been regrouped /rearranged wherever required, to make them comparable.

  • 11 The figures for the quarter ended March 31, 2020 and March 31, 2019 are the balancing figures between audited figures for the full financial figures and the published year to date figures for the nine months.

  • 12 The Consolidated results of the Group are available for investors at www.jindalpoly.com, www.nseindia.com and www.bseindia.com

By Order of the Board

Place : New Delhi

Dale : 29.Jun,20

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==> picture [82 x 79] intentionally omitted <==

1111 11 ,1 I 1 ., ,, t rllll W ti•

==> picture [140 x 43] intentionally omitted <==

==> picture [42 x 9] intentionally omitted <==

Independent Auditor's Report on the Quarterly and Annual Audited Standalone 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 of Jindal Poly Films Limited

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and annual standalone financial results of Jindal Poly Films Limited ("the Company"), for the quarter and year ended March 31, 2020 ("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, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement read with notes therein:

  • i. is presented in accordance with the requirements of the Listing Regulations in this regard: and

  • ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive income for the quarter ended March 31, 2020, net profit and other comprehensive income for the year ended March 31, 2020 and other financial information of the Company for the quarter and year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under section 143( 10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Standalone Financial Results' section of our report. We are independent of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with th� ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the annual standalone financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/loss and other comprehensive income and other financial information of the Company in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate

==> picture [55 x 15] intentionally omitted <==

==> picture [70 x 70] intentionally omitted <==

, I[4 ] I : l '

I I· .,

==> picture [139 x 43] intentionally omitted <==

accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the Staterrient, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit''evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

==> picture [67 x 69] intentionally omitted <==

Page 2 or 3

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Cl1c1rtercc/ l\ccou11tnnls

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and {ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

Date: June 29, 2020 Place: Naida (Delhi - NCR)

For Singhi & Co. Chartered Accountants Firm Reg. No. 302049E [p - - Bi� Kumar Sipani Partner Membership No. 088926 UDIN: 20088926AAAAGE2758

Page 3 or 3

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I • h :. I I '' '. :, I J, ,l ,. I . I I ' ) . 11,111 II td•ll11,1,•1 111' •• ' 1: ,1, •[, II 1H•

Independent Auditor's Report on the Quarterly and Annual Audited 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 of Jindal Poly Films Limited

Report on the Audit of the Consolidated Financial Results

Opinion

We have audited the accompanying consolidated statement of quarterly and annual financial results of Jindal Poly Films Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') for the quarter and year ended March 31, 2020 ("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, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement read with notes therein:

  • i. includes the results of the following subsidiaries:

  • a. Jindal Films India Limited

  • b. Jindal Imaging Limited

  • c. J&D Specialty Films Limited

  • d. Jindal Packaging Trading DMCC- Foreign Subsidiary

  • ii. is presented in accordance with the requirements of the Listing Regulations in this regard: and

  • iii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income for the quarter ended March 31, 2020, net loss and other comprehensive income for the year ended March 31, 2020 and other financial information of the Company for the quarter and year ended March 31, 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those Standards are further described in the 'Auditor's Responsibilities for the Audit of the Consolidated Financial Results' section of our report. We are independent of the Company in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Consolidated financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the statement that gives a true and fair view of the net profit and other comprehensive income and other

Pagclof4

==> picture [70 x 53] intentionally omitted <==

---.;::-.__;,.--;:v I, II • IIMI Ii Pl•

Ml H11 I

1 1111!1'1 •\I

I I I I· 'I I

C/1n1/umcl l\r:r:011ntnnls

==> picture [138 x 31] intentionally omitted <==

financial information or the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies: making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, respective board of directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

  • Conclude on the appropriateness of board of director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw

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Page 2 ol'4

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C/Jnr/ererl Accountants

attention in our auditor's report to the related disclosures in the Consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance of the holding company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

  • a. The Statement includes the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

  • b. The accompanying Statement includes the audited financial results and other financial information which we did not audit, in respect of:

  • One foreign subsidiary, whose financial statements include total assets of Rs. 252 Lakhs as at March 31, 2020, revenues from operations of Rs. Nil and Rs. 153 Lakhs, total net loss after tax of Rs. Nil Lakhs and Rs. 2 Lakhs, total comprehensive income of Nil and Rs. (2) Lakhs, for the quarter and the year ended on that date respectively, and net cash outflows of Rs. 22 Lakhs for the year ended March 31, 2020, as considered in the Statement. The financial statements have been prepared in accordance with accounting principles generally accepted in their country and which have been audited by other auditors under generally accepted auditing standards applicable in their country. The company's management has converted financial statements of subsidiary located outside India, from accounting principle generally accepted in their country to accounting principle generally accepted in India. We have audited the conversion adjustment made by the Company's management. Our opinion in so far as it relates to the balance and affair of such subsidiary located outside India is based on the report of other auditor and the conversion adjustment prepared by the management of the Company and audited by us. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of the subsidiary is based solely on the report of the other auditor and procedures performed by us as stated in paragraph above.

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Singhi et Co. Charterer/ l\ccountants

  • Three wholly owned subsidiaries, whose financial statements include total assets of Rs. 13,924 Lakhs as at March 31, 2020, total revenues of Rs. 2871 Lakhs and Rs. 12984 Lakhs, total net profit after tax of Rs. 154 Lakhs and Rs. 1,137 Lakhs, total comprehensive income of Rs.1, 139 Lakhs and Rs. 1,139 Lakhs, for the quarter and the year ended on that date respectively, and net cash outflows of Rs.116 Lakhs for the year ended March 31, 2020, as considered in the Statement which have been audited 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 amounts and disclosures in respect of these subsidiaries is based solely on the report of the other auditors and procedures performed by us as stated in "Auditor's Respons[bilities for the Audit of the Consolidated Financial Results" above.

Our conclusion on the Statement is not modified in respect of the above matters.

Date:June 29, 2020 Place: Noida (Delhi NCR)

For Singhi & Co. Chartered Accountants rm Reg. No. 302049E �l) Bimal Kumar Sipani -- Partner Membership No. 088926 UDIN: 20088926AAAAGF1175

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