Jyoti Ltd. — Interim / Quarterly Report 2021

Aug 11, 2020

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By Electrnic Mode

Jyoti Ltd. ® Water • Power • Progress 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

11 [th ] August, 2020

General Manager DCS-CRD (Corporate Relationship Department) BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

SCRIP CODE NO. 504076

Dear Sir,

Sub: Unaudited Financial Results for the Quarter ended 3 ~~0~~ [th ] ~~J~~ une, 2020

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors in their Meeting held on 11 [th ] August, 2020, considered and approved the Standalone & Consolidated Unaudited Financial Results for the Quarter ended on 30 [th ] June, 2020, 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 3:00 p.m. and the time of conclusion was 3:35 p.m.

Thanking you,

Yours faithfully, For JYOTI LIMITED ,�,-/

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

Encl: As above

JYOTI LIMITED

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CIN: L36990GJ1943PLC000363

Nanubhai Amin Marg, Industrial Area, P.O. Chemical Industries, Vadodara - 390 003 Phone : 0265- 228 20 49/228 20 36 Fax:++ 91-265-2281871 / 2280671 E-mail: jyotiltd@jyoti.com Website: http:/ /www.jyoti.com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2020

		(�lakhs)	(�lakhs)	(�lakhs)	(�lakhs)
	Sr. P . l N art1cu ars o. 1 Revenue from Operations (Net) 2Other Income	Quarter Ended			Year Ended
		30-06-2020 (Unaudited) 2373 45	31-03-2020 (Audited) 4147 229	· 30-06-2019 (Unaudited) 2603 40	31-03-2020 (Audited) 10747 355
	3Total Income	2418	4376	2643	11102
	4Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Change in inventories of finished goods, work-in-progress and stok-in-trade d) Employee benefits expense e) Finance Cost f) Depreciation and amortsaton expense g)Other Expenses	914 - 729 450 37 164 212	3316 - (295) 504 9 235 779	1528 - 214 667 19 217 324	7507 - (80) 2337 76 887 1702
	Total Exenses	206	4548	2969	12429
	Proft/(Loss) Before Interest, Depreciation, Tax &Amortisation ( EBITA) 5Profit/ (Loss) before exceptional items and tax 6 Exceptional items 7Profit/ (Loss) before tax 8Tax Expense - Current Tax - Deferred Tax 9NetProfit(Loss) for the period 10Other Comprehensive Income/ (Expense)	68 (88) - (88) - - (88) (5)	(157) (172) - (172) - (115) (57) (23)	(130) (326) - (326) - - (326) 2	(719) (1327) - (1327) - (115) (1212) (18)
	Total Comprehensive Income for theperiod	(93)	(80)	(324)	(1230)
	11Paid up equity share capital (Face value� 10) 12 Eargs Per Share - Basic & Diluted (in�)	2309 (0.38)	2309 (0.25)	2309 (1.41)	2309 (5.25)

Notes:

• 1) 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.

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

• 3) The Company's operations for the quarter have been impacted by the lockdown imposed to contain the spread of COVID-19. However, the operations gradually resumed with requisite precautions during the quarter with disrupted supply chain.

• 4) 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 and 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

• �695 lakhs for the quarter ended 30th June, 2020 ( Corresponding quarter of the Previous Year amounting to n669 lakhs ). Accordingly, the same has not been considered for compilation of results of the said quarter ended 30th June, 2020. However, interest for the quarter ended 30th June, 2020 has been recognized as "contingent liability" in the financial statements.

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

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

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Place : Vadodara Date : 11/08/2020

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Rahul Nanubhai Amin GJL Chairman & Managing Director DIN: 00167987

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JYOTI LIMITED

CIN : L36990GJ1943PLC000363

Nanubhai Arrrin Marg, Industrial Area, P.O. Chemical Industries, Vadodara - 390 003 Phone: 0265 - 228 20 49/228 20 36 Fax:++ 91-265-2281871 / 2280671 E-mail: jyotiltd@jyoti.com Website: http:/ /www.jyoti.com

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2020

		(<lakhs)	(<lakhs)	(<lakhs)	(<lakhs)
	Sr.p . I N ar1cu ar o. 1Revenue fom Operatons (Net) 2Other Income	Quarter Ended			Year Ended
		30-06-2020 (Unaudited) 2373 45	31-03-2020 (Audited) 4147 229	30-06-2019 (Unaudited) 2603 40	31-03-2020 (Audited) 10747 355
	3 Total Income	2418	4376	2643	11102
	4Expenses a) Cost of materials consumed b) Purchase of stock-in-tade c) Cange in inventories of fnished goods, work-in-progress and stock-in-trade d) Employee benefts expense e) Finance Costs f) Depreciation and amortisation expense g)Other Expenses	914 - 729 450 37 164 212	3316 - (295) 504 9 235 779	1528 - 214 667 19 217 324	7507 - (80) 2337 76 887 1702
	Total Expenses	2506	4548	2969	12429
	Proft/(Loss) Before Interest Depreciation, Tax& Amortisation ( EBITDA) 5Profit/ (Loss) before exceptonal items and tax 6Exceptional items 7Share of Proft / (Loss) of a Joint Venture 8Proft/ (Loss) before tax 9Tax Expense - Current Tax - Deferred Tax 10Net Profi1(Loss) for the period 11Other Comprehensive Income/ (Expense)	6 (88) - 23 (65) - - (65) (5)	(157) (172) - (222) (394) - (115) (279) (23)	(130) (326) - 3 (323) - - (323) 2	(719) (1327) - (157) (1484) - (115) (1369) (18)
	Total Comprhensive Income for theperiod	(70)	(302)	(321)	(1387)
	12Paid up equity share capital (Face value < 10) 13Eags Per Share - Basic & Diluted (in<)	2309 (0.28)	2309 (1.21)	2309 (1.40)	2309 (5.93)

Notes:

• 1) The above Consolidated Results, have been reviewed by Statutory Auditors, recommended by the Audit Committee and approved by the Board of Directors of the Company.

• 2) As the financial year of the Joint Venture Company is from January to December, the Financial Statement of the Joint Venture used in consolidation are drawn upto 31st March, 2020 i.e. from 01st January, 2020 to 31st March, 2020.

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

• 4) The Company's operations for the quarter have been impacted by the lockdown imposed to contain the spread of COVID-19. However, the operations gradually resumed with requisite precautions during the quarter with disrupted supply chain.

• 5) 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 and 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

• ,695 Jakhs for the quarter ended 30th June, 2020 ( Corresponding quarter of the Previous Year amounting to <1669 lakhs ). Accordingly, the same has not been considered for compilation of results of the said quarter ended 30th June, 2020. However, interest for the quarter ended 30th June, 2020 has been recognized as "contingent liability" in the financial statements.

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

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

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Place : Vadodara Date : 11/08/2020

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For Jyoti Limited
WL
Rahul Nanubhai Amin
Chairman & Managing Director
DIN : 00167987
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y

E-mail: aminparikh@yahoo.com 'AMIN PARIKH & CO. Opp, Shrenik Park,Vadodara.Phone: (0265) 2350746/47 CHARTERED ACCOUNTANTS 205-206, Ujjawal Compl ex, Near Akota Stadium,

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The Board of Directors

.Jyoti Limited,

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

Dear Sirs.

Re: Independent Auditor's Limited Review Report on Unaudited Standalone Quarterly and year to date Financial Results of Jyoti Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

• I. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Jyoti Limited for the quarter and period ended on 30[th ] June, 2020. This statement is the responsibility of the Company's Management and has been approved by the Board ot' 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, "Review of Interim Financial Information Performed by the Independent Ai1ditor. of the Entity'' issued by the Institute of Chartered Accountant of India.

!his standard requires that we plan and perform the review to obtain moderate assurance as to whether the fi.nancial 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.

1. 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;

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

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

• (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 hearing in NCLT;

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

However, considering ongoing operations with improved business prospects, continue to execute orders in hand. increasing & giving additional focus on turnover of spares. retrofit & service orders which contribute good margin & obtain new orders despite adversities from private as well as PSU, robust cost controls and acquisition of total debt of the company due with Dena Bank and Central Bank of India by Rare Asset Reconstruction Ltd .. the Management is very positive about the Company's viability and optimistic about its future.

In view thereof, the Unaudited Standalone 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 f[r] om the Company were categorized as a Non-Performing

• Asset ,, itil all banks f[r] om 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. 695 lakhs for the quarter ended on 30[th ] June, 2020 (Corresponding quarter of the previous year amounting to Rs. 1669 lakhs). Accordingly the same has not been considered for compilation of results of the said quarter ended on .10[th ] June, 2020. However, interest for the quarter ended 30[th ] June. 2020 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.

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• 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 bes:n 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, consistently followed at each quarter. Physical verification or inventories has not been performed and thereof differences in quantities are not k11m, 11. The cfkcts 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.

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

3. 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 SEBI (Listing Obligations and Disclosure Requirements) Regulation. 20 I 5 including the manner in which it is to be disclosed. or that it contains any material misstatement.

For AMIN PARIKH & CO. Chartered Accountants FRN: 100332W

CA SAMIR . PARIKH Partner M. No. 41506 Place Vadodara Date 11/08/2020 UDIN 20041506AAMBA4239

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

To,

The Board of Directors,

JYOTI LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of JYOTI LIMITED and its share of the net profit after tax and total comprehensive income of its Joint Venture for the quarter ended 30[th ] June, 2020 for the period from 1[s] � April, 2020 to 30[th ] June, 2020 ("the Statement''), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1. This Statement, which is the responsibility of the Management and approved by the Board of Directors, has been compiled from the related consolidated unaudited financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read .with the Companies (Indian Accounting Standards) Rules, 2015, as amended ("Ind AS''), and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our review of such Consolidated Unaudited Financial Results.

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1. We conducted our review of the Statement in accordance with the Standards on Review Engagements (SRE)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.

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.

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

4. The Statement includes the results of the following entities :

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Joint Venture of Jyoti Limited Jyoti Sohar Switchgear LLC (Sultanate of Oman)

5. Emphasis of Matters

a) In view of below,

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

• (ii) Inability to comply with the terms of loan agreements and that Lenders have under section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI 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 hearing in NCLT;

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

However, considering ongoing operations with improved business prospects, continue to execute orders in hand, increasing & giving additional focus on turnover of spares, retrofit & service orders which contribute good margin & obtain new orders despite adversities from private as well as PSU, robust cost controls and acquisition of total debt of the company due with Dena Bank and Central Bank of India by Rare Asset Reconstruction Ltd., the Management is very positive about the Company's viability and optimistic about its future.

In view thereof, the Consolidated Unaudited 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.

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• b)The accounts of Trade Receivables, Trade Payables and Advances are subject to reconciliation/confirmation. The financial statements regarding recoverability of Trade Receivables, Advances and Impairment of Assets other than those provided f[o] r during the year, which has been considered good by the Management

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• c) 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 debt to a sustainable level including seeking waiver of full unpaid interest. In view of this, the Company has not provided interest amounting to Rs. 695 lakhs for the quarter ended on 30[th ] June, 2020 (Rs. 1669 lakhs for the quarter ended 30[th ] June, 2019). Accordingly the same has not been considered for compilation of results of the said quarter ended 30[th ] June, 2020. However, interest for the quarter ended 30[th] June, 2020 has been recognized as "Contingent liability" in the financial statements.

6. The Consolidated Unaudited Financial Results includes the Interim Financial Results of a Joint Venture which have not been reviewed by us or their auditors, whose interim financial result reflects (a) total assets of Rs. 5723.34 lakhs as at 31 [st ] March, 2020 (b) total revenue of Rs. 311.66 lakhs for the three months ended 31 [st ] March, 2020 (c) Share of ,profit of Rs. 23.05 lakhs for the three months ended

31 [st ] March, 2020 and cash flows of Rs. 58.80 lakhs for the period from 1st January,

2020 to 31 [st ] March, 2020 as considered in the Consolidated Unaudited Financial Results.

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

For AMIN PARIKH & CO. Chartered Accountants

FRN : 100332W

CA SAMIR R PARIKH

Partner

M. No. : 41506 Place : Vadodara Date : 11/08/2020 UDIN : 20041506AAAABB5973

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