Jyoti Ltd. — Interim / Quarterly Report 2020

Aug 13, 2019

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By Electronic Mode

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Nanubhai Amin Marg, Industrial Area, P.O. Chemical Industries, Vadodara-390 003. (India) Phone :3054444 Fax : ++91-265-2281871 2280671 E.Mail : jyotiltd@jyoti.com Website: http://www.jyoti.com CIN: L36990GJ1943PLC000363

13th August, 2019

General Manager DCS-CRD

(Corporate Relationship Department) The Stock Exchange -Mumbai Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

SCRIP CODE NO. 504076

Dear Sir,

Sub: Unaudited Financial Results for the Quarter ended 30th June, 2019

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors at their Meeting held on 13th August, 2019, considered and approved the Unaudited Financial Results for the Quarter ended on 30th June, 2019, along with Limited Review Report received from Statutory Auditors of the Company, M/s. Amin Parikh & Co. Chartered Accountants, Vadodara which are attached herewith.

The time of commencement of Board Meeting was 3:30 p.m. and the time of conclusion was 5:00 p.m.

Thanking you,

Yours faithfully, For JYOTI LIMITED

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CS S. Singhal Vice President (Legal) & Company Secretary M. No. F8289

Encl: As above

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JYOTI LIMITED

CIN : L36990GJ1943PLC000363

Nanubhai Amin Marg, Industrial Area, P.O. Chemical Industries, Vadodara - 390 003 Phone: 0265 - 305 44 44 Fax:++ 91-265-2281871 / 2280671 E-mail: jyotiltd@jyoti.com Website: http://www.jyoti.com STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2019

( t lakhs)

					(tlakhs)
Sr. P . ul N artic ars o. 1Revenue from Operations (Net) 2Other Income		3 Months ended			Year Ended
		30-06-2019 (Unaudited) 2603 40	31-03-2019 (Audited) 5516 134	30-06-2018 (Unaudited) 3017 49	31-03-2019 (Audited) 16980 312
3	Total Income	263	5650	3066	17292
4	Expenses a) Cost of materials consumed b} Purchase of stok-in-trade c) Change in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense e) Finance Costs f) Depreciation and amortisation expense g)Other Expenses	1528 - 214 67 19 217 324	4259 - 143 735 (12) 250 317	1995 - 138 743 36 234 388	11687 - 560 2978 82 951 1532
Total Expenses Proft/(Loss) Before lterest, Deprecatio11, Tax& A111ortisatio11 ( EBIA) 5Profit/ (Loss) before exceptional items and tax 6Exceptional items 7Profit/ (Loss) before tax 8Tax Expense - Current Tax - Deferred Tax 9Net ProfiV(Loss) for the period 10Other Comprehensive Income/ (Expnse)	Total Expenses	2969	5692	3534	1790
		(130) (326) - (326) - - (326) 2	62 (247) (42) (468} (206) 37 (248) (431) - - (109) - (139) (431} 19 (5)		2 (498) (169) (667) - (109) (558) 4
Total Comprehensive Income for theperiod		~~., ~~ **(324) **	(120) (436)		**(554) **
11Paid up equity share capital (Face valuet10) 12Earnings Per Share - Basic & Diluted (int)		2309 (1.41}	2309 2309 (0.60) (1.87}		2309 (2.42)

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Notes:

• 1) Segmental Reporting is not applicable as the Company has only one segment.

• 2) The above standalone results, have been prepared in accordance with Ind AS notified under the Companies ( Indian Accounting Standards ) Rules, 2015.

• 3) The lenders of the Company have not charged interest on outstanding bank facilities, since the dues from the Company were categorized as a Non-Performing Asset with all banks from December, 2015 onwards. The Company, therefore, had represented to its lenders to restructure its debts to a sustainable level including seeking waiver of full unpaid interest. Jn view of this, the Company has not provided interest amounting to n669 lakhs for the quarter ended 30th June, 2019 ( Corresponding quarter of the previous year amounting to n547 lakhs ). Accordingly, the same has not been considered for compilation of results of the said quarter ended 30th June, 2019. However, interest for the quarter ended 30th June, 2019 has been recognized as "contingent liability" in the financial statements.

• 4) Provision for Income Tax / Deferred Tax, if any, will be made at the end of the year.

• 5) The previous quarter's/year's figures have been regrouped/rearranged wherever necessary to make it comparable with the current quarter/ period.

• 6) The above standalone results, have been reviewed by Statutory Auditors, recommended by the Audit Committee and approved by the Board of Directors of the Company.

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RahuJ Nanubhai Amin JiJL

Place : Vadodara Date : 13/08/2019

AMIN PARIKH & CO. CHARTERED ACCOUNTANTS

205-206, Ujjawal Complex, Near Akota Stadium, Opp. Shrenik Park,Vadodara.Phone: (0265) 2350746/47 E-mail: aminparikh@yahoo.com

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The Board of Directors

Jyoti Ltd., Nanubhai Amin Marg, Industrial Area, P.O. Chemical Industries, Vadodara -390003

Dear Sirs,

Re: Limited Review Report on Standalone Quarterly Financial Results of Jyoti Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

We have reviewed the accompanying statement of unaudited standalone financial results of Jyoti Limited for the quarter ended on 30[th ] June, 2019. 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 these financial statements based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Reyjew of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountant oflndia.

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 provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

We draw attention to:-

Emphasis of matters:

• a) In view of below,

• (i) Continued losses, total erosion of the Net Worth, Current Liabilities Exceeds Current Assets, Liquidity constraint;

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FOUNDER PARTNERS: LATE SHRI C. D. AMIN, LATE SHRI R. J. PARIKH

• (ii) Inability to comply with t.he terms of loan agreements and that Lenders have under section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security lnterest Act, 2002 ("SARF AESI Act"), given notices to the Company in the year 2016;

• (iii) Central Bank of India and State Bank of India have filed an application to National Company Law Tribunal (NCLT), Ahmedabad, under section 7 of the Insolvency and Bankruptcy Code, 2016, the application is still pending for admission in NCL T;

There is an uncertainty about the Company's ability to continue as a going concern.

However, the Company is of the view that in spite of business challenges emanating from business slowdown, ongoing operations with improved business prospects, recovery of old outstanding through cut back mechanism, continues to execute orders in hand and obtain new orders despite adversities, the Company has continued to remain EBITDA .. positive for the previous year along with robust cost controls. This provides the Company sanguine expectations of business continuity subject to reinforced support from its stakeholders. The Management is accordingly very positive about the Company's viability and optimistic about its future.

In view thereof, the Financial Statements have been prepared by the Management on a 'Going· Concern' basis and no adjustment is considered necessary, except for the provisions made in the books of account, to the recorded assets, recorded liabilities, contingent liabilities and other commitments.

• b) The lenders of the Company have not charged interest on outstanding bank facilities, since the dues from the Company were categorized as a Non-Performing Asset with all banks from December 2015 onwards. The Company, therefore, had represented to its lenders to restructure its debts to a sustainable level including seeking waiver of full unpaid interest. In view of this;the Company has not provided interest amounting to Rs. 1669 lakhs for the quarter ended on 30[th ] June, 2019 (Corresponding quarter of the previous year amounting to Rs. 1547 lakhs). Accordingly the same has not been considered for compilation of results of the said quarter ended on 30[th ] June, 2019. However, interest for the quarter ending 30[th ] June, 2019 has been recognized as a Contingent liability in the financial statements.

• c) The Financial Statements regarding recoverability of Trade Receivable, Advances (which are subject to confirmation) and Impairment of Assets, other than those provided for during the quarter, which has been considered good by the Management.

• d) Inventories of WIP have been valued using estimated progress percentage and standard conversion costs as applied to quantities derived from material issues for the period less finished goods produced. Inventories of Finished Goods have been valued using estimated profitability percentages of the previous year as applied to sales price of finished inventories as of the period end, valuation method for valuation of Inventories,

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consistently followed at each quarter. Physical verification of inventories has not been performed and thereof differences in quantities are not known. The effects of the foregoing estimates and bases in arriving at the closing inventories are not determined. However such exercise is done at the year end.

• e) The Company has decided to give effect of provision for Income Tax/ Deferred Tax, if any, at the end of the year based on the performance of the Company.

• t) The matters described in sub-paragraph (a) to (e) under the Emphasis of Matters may have an. effect on the functioning of the Company.

CONCLUSION:

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of standalone unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in term of Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulation, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

FOR AMIN PARIKH & CO. CHARTERED ACCOUNTANTS

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PARTNER F.R.N.100332W M.No.41506 V ADODARA: 13[th ] August, 2019 UDIN : 19041506AAAAAU5217