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Jindal Poly Films Ltd. Interim / Quarterly Report 2021

Aug 31, 2020

60548_rns_2020-08-31_a102aa91-9a4a-4dd5-b0cb-136c03786b70.pdf

Interim / Quarterly Report

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JINDAL POLY FILMS LTD. {f€)

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

JPFL/DE-PT/SE/2020-21

August 31, 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 August 31, 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. August 31, 2020, has inter­ alia considered and approved the Unaudited Standalone and Consolidated Financial Statements and Limited Review Reports thereon for the first Quarter ended June 30, 2020 (enclosed).

A copy of above is being uploaded in the website of BSE/NSE and Company's website at www.jindalpoly.com.

Further meeting commenced at 15:45 p.m. and concluded at 18: 05 p.m

Kindly bring it to the notice of all concerned.

Yours Sincerely,

For JINDAL POLY FILMS LIMITED

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SANJEEV KUMAR COMPANY SECRETARY ACS-18087 Encl. A/a

I ,r.'( Mc,,1 I

Regd. Office : 19th K.M. Hapur Bulandshahr Road, P.O. Gulaothi, DistL 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 Unaudited Standalone Financial Results for the quarter ended June 30, 2020

Rs in Lakhs except EPS Lakhs except EPS
S.No.
Particulars		 Quarer Ended Year Ended
30th June 2020 31st Mar 2020 30th June 2019 31st Mar 2020
(Unaudited) (Audited Refer (Unaudited) (Audited Refer
Note No 6) Note No 6)
1 Income
Reve1tue From Operations 76,429 89,342 83,227 3,53,056
Other Income 1,739 2,915 2,056 7,313
Total Income 78,168 92,257 85,283 3,60,369
2. Expenscs
Cost of Material Consumed 37,179 53,809 54,797 2,25,941
Purchase of Stock in Trade 7 181 - 181
Chang� in Inventories of t:inished Good , Work-in-progre and Stok in Trade 3,322 (4,813) 703 (5,595)
Employee Benefits Expense 2,426 2,914 2,446 10,432
Finance Costs 2,474 4,513 1,264 9,132
Depreciation and Amortisation Expense 3,384 2,827 2,887 11,562
Other Expenses 2,250 16,369 13,310 57,248
Total Expenses 61,042 75,800 75,407 3,08,903
3. Profit Before Exceptional Items and Tax 17,126 16,457 9,876 51,466
4 Exceptional Items - - - -
5 Profit Before Tax 17,126 16,457 9,876 51,466
6 Tax Expenses charged/ (credit)
,
Current Tax 4,722 3,073 3,300 12,582
Deferred Tax (195) (537) 126 (8,991)
Total Tax 4,527 2,536 3,426 3,591
7 Net Profit for the period 12,599 13,921 6,450 47,875
8 Other Comprehensive Income u I
Items that will not be reclassified to profit or loss (net of tax thereon)
- Remeasurements of post employment benefit obligations		 ll - l 114 - p 96
9 Total Comprehensive Income for the period (Comprising Profit / (Loss) and 12,599 14,035 6,450 47,971
Other Comprehensive Income)
10 Other Equity (excluding revaluation reserve) 1,75,800
11 Paid up Equity Share Capital ( Face Value Rs. 10/- each) 4,379 4,379 4,379 4,379
12 Earnings per share on Net Profit (Not annualiseds.)
Basic & Diluted Earnings Per Share '7 28.77
 31.79 14.73 . rn9.34

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Reportable Standalone Operating Segment Informations

Rs in Lakhs
S.No. Particulars Quarter Ended Year Ended
30th fune 2020 31 st Mar 2020 30 th June 2019 31st Mar 2020
(Unaudited) (Audited Refer (Unaudited) (Audited Refer
NoteNo6) NoteNo6)
1 Segment Revenue
Packaging Films 63,037 80,798 76,238 3,22,675
Non woven Fabrics
Revenue From Operations		 I 13,392
76,429		 8,545
89,342		 6,989
83,227		 30,381
3,53,056
2 Segment Results *
Packaging Films 12,944 16,937 9,487 51,820
Nonwoven Fabrics 6,951 709 1,321 4,769
Other Unallocable Income/ (Expenses) (Net) (296) 3,323 333 4,009
Profit before Finance Cost and Tax 19,600 20,969 11,140 60,598
Less : Finance Costs 2,474 4,513 1,264 9,132
Profit before tax 17,126 16,457 9,876 51,466
3 Segment Assets I
Packaging Films 3,03,373 3,01,844 2,48,069 3,01,844
Nonwoven Fabrics 82,398 80,D20 53,451 80,D20
Unallocable Assets . 52,687 48,821 47,612 48,821
Total Assets 4,38,458 4,30,685 3,49,133 4,30,685
4 Segment Liabilities
Packaging Films 1,69,101 1,71,487 1,45,794 1,71,487
Nonwoven Fabrics 56,610 57,142 34,843 57,142
Unallocable Liabilities
Total Liabilities		 u
19,969
2,45,679		 21,152
2,49,782		 29,201
2,09,838		 21,152
2,49,782
-

Notes:

  • 1 Standalone 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 Standalone Financial Results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on 31st Aug 2020 and limited review of these results has been carried out by the Statutory Auditors of the Company.

  • 3 Hon'ble National Company Law Tribunal (NCL1) 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 standalone published financial results for the quarter ended 30th June'2019 has been restated incorporating the effect of the Scheme w.e.f. appointed date 1st April 2019.

  • 4 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 30.06.2020. Based on the current indicators of future economic conditions, the Company estimates to recover the carrying amount of these assets. The Company has adequate liquidity to discharge its obligation. These estimates are subject to uncertainty and may be affected by the severity and duration of the pandemic. The Company is continuously monitoring any material changes in future economic conditions.

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

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

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

Place : New Delhi

Date : 31.Aug.20

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By Order of the Board
ii,- F�
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Delhi
Sagato Mukerji
.
. .. , Whole Time Director
,::,
DIN - 06465901
-�
----- End of picture text -----

Sirigl cl Co. Cha,tomcl /\cc:01111/.111/s

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Review Report on unaudited standalone financial results for the quarter ended June 30, 2020 pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015

To the Board of Directors of Jindal Poly Films Limited

We have reviewed the accompanying statement of unaudited standalone financial results ("Statement") of Jindal Poly Films Limited ('the Company") for the quarter ended June 30, 2020. 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 this 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 financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement read with notes therein, prepared in accordance with applicable accounting standards 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.

For Singhi & Co. Chartered Accountants Flrm Reg. No.302049E

Place: Noida (Delhi-NCR) Date: August 31, 2020

---- /Yf) BimaI Kumar Sipani Partner Membership No. 088926 UDIN: 20088926AAAAHV6745

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Al IMF.DABAD

IVIUM[IAI

JINDAL POLY FILMS LIMITED CIN :- L17111UP1974PLC003979

Regd. Office: 19th K.M., Hapur B�landshahr Road, P.O. Gulaothi, Bulandshahr (U.P.) Statement of Unaudited Consolidated Financial Results for the quarter ended June 30, 2020

S.No.
1
2.
3.
4
5
6
7
8
9
10
11
12
13
14
15
Pariculars
Quarer Ended
30th June 2020
31st Mar 2020
(Unaudited)
(Audited
Refer Note No 6)
Income
Revenue From Operations
77,125
89,557
Other Income
2,119
2,923
Total Income
79,244
92,480
Expenses
Cost of Materials Consumed
37,527
53,608
Purchase of Stock in Trade
7
181
Changes in Inventories of Finished Goods, Work-in-progress and Stock in Trade
3,281
(4,911)
Employee Benefit Expense
2,493
2,857
Finance Costs
2,516
4,437
Depreciation and Amortisation Expense
3,452
2,895
Other Expenses
12,37]
16,961
Total Expenses
61,647
76,027
Profit before exceptional items and tax
17,598
16,453
Exceptional Items
Profit Before Tax
17,598
16,453
Tax Expenses charged/ (credit)
Current Tax
4,722
3,034
Deferred Tax
(164)
(507)
Tax Expenses charged/ (credit)
4,558
2,527
Net Profit for the period
13,040
13,926
Other Comprehensive Income
Items that will not be reclassified to profit or loss (net of tax thereon)
- Remeasurements of post employment benefit obligations
116
Total Comprehensive Income for the period (Comprising Profit / (Loss) and
13,040
14,043
Other Comprehensive Income)
Profit For the period attributable to:
Owners of the parent
13,040
13,926
Non Controlling Interests
Other Comprehensive Income For the period attributable to:
Owners of the parent
116
Non Controlling Interests
Total Comprehensive Income For the period attributable to:
Owners of the parent
14,042
Non Controlling Interests
Other Equity (excluding revaluation reserve)
Paid up Equity Share Capital ( Face Value Rs. 10/- each)
4,379
4,379
Earnings per share on Net Profit (Not annualisedRs.)
Basic & Diluted Earnings Per Share
29.78
31.81

Year Ended
30th June 2019
31st Mar 2020
(Unaudited)
(Audited
Refer Note No 6)
84,121
3,54,640
2,017
7,356
86,138
3,61,996
54,497
2,25,429
181
1,372
(5,251)
2,365
10,061
1,386
9,522
2,954
11,835
13,300
57,496
75,874
3,09,273
10,264
52,723
10,264
52,723
3,397
12,908
144
(9,049)
3,541
3,859
6,723
48,864
98
6,723
48,963
6,723
48,864
6,723
48,962
1,81,051
4,379
4,379
15.35
111.60

CV I 1) l Now Delhi ' -_/

Reportable Consolidated Operating Segment Informations

Rs in Lakhs
Particulars Quarter Ended Year Ended
S.No. 30th June2020 31st Mar2020 30th June 2019 31stMar 2020
(Unaudited) (Audited (Unaudited) (Audited
Refer Note No 61 Refer Note No 6)
1 Segment Revenue
Packaging Films 63,732 81,013 77,132 3,24,259
Nonwoven Fabrics 13,392 8,545 6,989 30,381
Revenue From Operations 77,125 89,557 84,121 3,54,640
2 Segment Results •
Packaging Films 13,115 16,857 9,997 53,385
Nonwoven Fabrics 6,951 709 1,321 4,769
Other Unallocable Income / (Expenses) (Net) 48 3,324 333 4,090
Profit/ (Loss) before Finance Cost and Tax 20,114 20,890 11,650 62,245
Less : Finance Costs 2,516 4,437 1,386 9,522
Profit (Loss) before tax 17,598 16,453 10,264 52,723
3 Segment Assets
Packaging Films 3,11,202 3,07,889 2,55,577 3,07,889
Nonwoven Fabrics
Unallocable Assets
Total Assets		 [ 82/398
53,971
4,47,570		 80,020
50,444
4,38,352		 53,451
49,678
3,58,707		 80,020
50,444
4,38,352
4 Segment Liabilities
Packaging Films 1,72,292 1,75,343 1,50,110 1,75,343
Non woven Fabrics 56,610 57,142 34,843 57,142
Unallocable Liabilities 20,211 20,437 29,538 20,437
Total Liabilities
 := 2,49,113 2,52,922 2,14,491 7
2,52,922
  • in luding exccptmnal Items gam / (loss)

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 were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on 31st Aug 2020 and limited review of these results has been carried out by the Statutory Auditors of the Company.

  • 3 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 consolidated published financial results for the quarter ended 30th June'2019 has been restated incorporating the effect of the Scheme w.e.f. appointed date 1st April 2019.

  • 4 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 30.06.2020. Based on the current indicators of future economic conditions, the Company estimates to recover the carrying amount of these assets. The Company has adequate liquidity to discharge its obligation. These estimates are subject to uncertainty and may be affected by the severity and duration of the pandemic. The Company is continuously monitoring any material changes in future economic conditions.

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

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

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

Place : New Delhi Date: 31.Aug.20

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----- Start of picture text -----

By Order of the Board
·or Jindal Poly Films Limited
�
Sagato Mukerji
Whole Time Director
DIN - 06465901
----- End of picture text -----

Singfzi � Co.

Chnrlerecl Accountants

u!11t Nu 170l 17111 floor Tower l3, Wo1lci I rade fowc1, DND FLyw.i1, C-01, Sccto1 IG. NUl d 101:3111. llc•li:1 NCR [lncii,ri i /lh iO 120) 2970005 MulJ. '.)205'i75'i'11) [ 111:iil : 1wvvdc;lili@si11uilico co111 I WdJ,;itc www :;i11qhicn cuI11

Independent Auditor's Review Report on unaudited consolidated financial results for the quarter ended June 30, 2020 pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, as amended

To Board of Directors of Jindal Poly Films Limited

  1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Jindal Poly Films Limited ('the Parent'') and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended June 30, 2020, ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

  2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's 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"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SAE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons 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 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.

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Page 1 of 3

AHMEDABAD

MUMBAI

CHENNAI

BENGALURU

KOLKATA

'-5.ingfzi el Co.

Cl1n1temrl Acco1111tants

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

  1. Tho Statement includes the results of the following entities,
S. No. S. No. Name of entity Relationship
1 Jindal Films India Ltd. Subsidiary
2
3		 Jindal Imaging Ltd.
J and D Specialty Films Private Limited		 Subsidiary
Subsidiary
4 Jindal Packaging DMCC, UAE
Subsidiary

  1. Based on our review conducted and procedures performed as stated in paragraph 3 above nothing has come to our attention that causes us to believe that the accompanying Statement read with notes therein, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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.

  2. We did not review the interim financial results of one subsidiary incorporated in India included in the unaudited consolidated quarterly financial results; whose interim financial results reflect total revenue from operation of Rs. 1285.15 Lakhs, total net profit/(loss) after tax of Rs. 371.65 Lakhs and total comprehensive income/(loss) of Rs. 371.65 Lakhs for the quarter ended June 30, 2020. This interim financial results was reviewed by other auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on report of the other auditor and procedures performed by us as stated in paragraph 3 above.

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

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Page 2 of 3

� Co. Sing/i

Chartered Accountants

  1. The unaudited consolidated financial results include the interim financial results of three subsidiaries (including one foreign subsidiary) which have-not been reviewed by their auditors, whose interim financial results reflect total revenue from operation of Rs. 39.31 Lakhs, total net profit/(loss) after tax of Rs. (7.24) Lakhs and total comprehensive income/(toss) of Rs. (7.24) Lakhs for the quarter ended June 30, 2020 as considered in the unaudited consolidated financial results. These financial statements were certified by the management of the respective companies. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

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

For Singhi & Co. Chartered Accountants Firm Reg. No. 302049E

Place: Neida (Delhi-NCR) Date: August 31, 2020

  • �� Bimal Kumar Sipani Partner Membership No. 088926 UDIN: 20088926AAAAHWS027

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