mt] JAGATSJIT INDUSTRIES LIMITED 4th Floor, Bhandari House, 91, Nchru Place, New Delhi - 110019 Tel. (O11) 26432641-42, 26424823, Fax : (011) 26441850 SJILYSCY\2016 - 17 25" July, 2016 The Department of Corporate Services, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Sub : Audited Financial Results for the Quarter and year ended on 31* March, 2016 Scrip Code No.: 507155 Dear Sir, We are sending herewith copy of the Audited Financial Results of the Company (both standalone and consolidated) for the Quarter and year ended on 31% March, 2016, which have been approved by the Board of Directors in their meeting held on 25” July, 2016. The report of the Statutory Auditors is also enclosed. We are also enclosing herewith Statement on impact of Audit qualifications (for audit report with modified opinion) as annexure-l. Kindly acknowledge the receipt. Thanking you, ‘Yours faithfully, for Jagatiit industries Limited (row, K.K. Kohli Vice President & Company Secretary Encl : as above Regd. Office : P.O. Jagatjit Nagar-144802, Distt. Kapurthala (Punjab) Corporate Identity Number : L15520PB1944PLC001970 Phone : (0181) 2783112 Fax : (0181) 2783118 E-mail: jil@jagatjit.com; Website : www,agatiit.comMI TAL CHAUDHRY & CO. CHARTERED ACCOUNTANTS [R-265D, GREATER KAILASH, ‘108, GREATER KAILASH, [NEW DELHL- 110048 NEW DELHI - 140048, PHONE: +91 11 26214981, 4911 46525682 PHONE: +91 112528 $591 Weasive: www.meco ia FAXNo.: #91 1141004491 Auditor's Report on Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, Jagatjit Industries Limited We have audited the standalone financial results of Jagatjit Industries Limited (“the Company”) for the quarter ended March 31, 2016 and year ended March 31, 2016, attached herewith, being submitted by the Company pursuant to the requirement of Regulations 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015.Attention is drawn to note 2 in the financial results regarding the amounts for the quarter ended March 31, 2016 as reported in these standalone financial results are the balancing amounts between audited amounts in respect of the full financial year and the published year to date amounts up to the end of the third quarter of the financial year. Also, the amounts up to the end of the third quarter had only been reviewed and not subjected to audit. These standalone financial results have been prepared on the basis of the standalone annual financial statements and reviewed quarterly financial results upto the end of the third quarter, which are the responsibility of the Company's management. Our responsibility is to express an opinion on these standalone financial results based on our review of financial results for the nine months period ‘ended December 31, 2015 which were prepared in accordance with the recognition and measurement les laid down Accounting Standard (AS) 25, Interim Financial Reporting, issued pursuant to the Companies (Accounting Standards) Rules, 2006 read with Rule 7 of the Companies (Accounts ) Rules, 2014 in respect of Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India; and our audit of the standalone financial statements as at and for the year ended March 31, 2016. 2, We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as standalone financial results. An audit also includes assessing the accounting principles used and significant estimates made by management, We believe that our audit provides a reasonable basis for our opinion.3. Basis for qualified opinion In the opinion of the management, Accounts Receivable & Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance sheet. During the financial year ended March 31, 2016 confirmatory letters have been sent to the sundry creditors, suppliers and sundry debtors requesting them to confirm and reconeile the account balances as on March 31, 2016. A number of parties have not yet confirmed/reconciled the balances as on the date of signing of the financial statements, Accordingly, Trade Payables, Loans and Advances and balances appearing under Trade Receivables are subject to reconciliation & confirmation. The financial impact of this is not ascertainable and to that extent we do not have any information in respect of such balances. 4, In our opinion and to the best of our information and according to the explanations given to us, these financial results, except for the matter referred to in paragraph 3 above; i) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in this regard, and ji) give a true and fair view of the net loss and other financial information for the quarter ended March 31, 2016 and for the year ended March 31, 2016. 5. Emphasis of Matter Attention is invited to Note No. 6 of financial results regarding Gas Sales Agreement with Gail (india) Limited, there was non utilisation of RLNG for contract year 2014 and 2015. Against these, the company received demand from supplier aggregating to Rs, 7,015 lacs towards Annual Take or Pay Deficiency basis,‘The company has denied the liability in this regard to the supplier and the management is confident that there will no material amount on resolution. In view of this, no effect of the same has been given in these accounts. The said amount has been considered as contingent liability. Our opinion is not modified in respect of this matter. For Mittal Chaudhry & Co. Chartered Accountants Firm Registration No. 002336N Nitin Chaudhry Place : New Delhi Partner Date : 25.07.2016 Membership No. 091463MITTAL CHAUDHRY & CO. CHARTERED ACCOUNTANTS R.265D, GREATER KAILASH, S108, GREATER KAILASHGL, NEW DELHI 110048 [NEW DELHI - 110068 PHONE: #91 11.2601 4981, +91 11 46526682 PHONE: +91 11 2923 8601 WEBSITE: www.ncco.ia FAXNo.: 491 1141004491 Auditor’s Report On Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 To The Board of Directors of Jagatjit Industries Limited |. We have audited the consolidated financial results of Jagatjit Industries Limited(‘The Company’), its subsidiaries and an associate (“the group’) for the year ended March 31, 2016, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.These consolidated financial results, which are the responsibility of the Company’s management has been prepared in accordance with recognition and measurement principles laid down in accounting standards as notified under the Companies (Accounting Standards) Rules, 2006 read with Rule 7 of the Companies (Accounts) Rules, 2014 in respect of Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India, Our responsibility is to express an opinion on these consolidated financial results based on our audit We conducted our audit in accordance with the auditing standards generally accepted in India, Those standards require that we plan and perforin the audit to obtain reasonable assurance about whether the consolidated financial results are free of material misstatement (s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as consolidated financial results. An audit also includes assessing the accounting principles used and significates estimates made by management, We believe that our audit provides a reasonable basis for our opinion. 3. Basis for qualified opinion In the opinion of the management, Accounts Receivable & Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance sheet,During the financial year ended March 31, 2016 confirmatory letters have been sent to the sundry creditors, suppliers and sundry debtors requesting them to confirm and reconcile the account balances as on March 31, 2016, A number of parties have not yet confirmed/reconciled the balances as on the date of signing of the financial statements. Accordingly, Trade Payables, Loans and Advances and balances appearing under Trade Receivables are subject to reconciliation & confirmation. The financial impact of this is not ascertainable and to that extent we do not have any information in respect of such balances. We did not audit the annual financial results of four subsidiaries included in the consolidated financial results, whose financial results reflect total revenue (after eliminating intra-group transactions) of Rs. Nil for the year ended March 31, 2016 and total assets (after climinating intra-group transactions) of Rs. 3,078lacs as at March 31, 2016. The consolidated financial results also includes the Group's share of net loss of Rs. 10 lacs for the year ended March 31, 2016 as considered in the consolidated financial results in respect of one associate, whose financial results have not been audited by us. ‘These annual financial results and other information have been audited by other auditors whose audit reports have been furnished to us, and our opinion in respect thereof is based solely on the audit reports of such other auditors, Our opinion is not qualified in respect of this matter. In our opinion and to the best of our information and according to the explanations given to us,these consolidated financial results for the year, except for the matter referred to in paragraph 3 above, i) Include the financial results of the following entities: Subsidiary Company a. JIL Trading Pvt, Ltd. b. S.RK. Investments Pvt. Led, ¢, Sea Bird Securities Pvt. Ltd. d. LP. Investments Ltd Associate Company a, Hyderabad Distilleries & Wineries Pvt. Ltd fi) are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requiresents) Regulations, 2015 in this regard; and iif) give a true and fair view of the net loss and other financial information for the year ended March 31, 2016.6. Emphasis of Matter Attention is invited to Note No. 6 of financial results regarding Gas Sales Agreement with Gail (india) Limited, there was non utilisation of RLNG for contract year 2014 and 2015. Against these, the company received demand from supplier aggregating to Rs. 7,015 lacs towards Annual Take or Pay Deficiency basis. ‘The company has denied the liability in this regard to the supplier and the management is confident ‘that there will no material amount on resolution. In view of this, no effect of the same has been given in these accounts. The said amount has been considered as contingent liability. Our opinion is not modified in respect of this matter. For Mittal Chaudhry & Co. Chartered Accountants Firm Registration No, 002336N Nitin Chaudhry Place : New Del Partner Date : 25.07.2016 ‘Membership No. 091463JAGATIT NOUSTRIES LITED ros ssn 27s Fa one tN b= out mea co eae ae wo = I ter penis sfc ent ong cop ivi scee iwopomtnn etexmngpe taeda nee Eel pcre +1 puree sonny Ron saleeandoertontitetcegeee es) 1s aroronn ore pm. ate hiner ensetunaed a alalae aes] om cul wo 1 os) | a aro} asa x0 com‘Brags one gal 5] e29 seq] aoa) essa m e] ea) 23) Ne39] Geen] G84] get gal a a | ; a] _ ts a Segment wise Revenue, Results and Cap! Employed we aang | “hnica | even | wana | ame | ct | ann H+ a 5 irene “Sar ae ‘Th i [st espn bess a ee | Ee a a OS [5 Go as . 2 fo] | aah oa lw con ee P terete un 5 Greate vive Gn ae saul ba] an] “hal pacar gm) aun] ase] su] rae] tse] a 7 | [St vomsteas voi ve! we Kontera 13a us2 Tetum eee Sty De ne cp an ans SPSS es arise tases tmcnay ene cose pene ats cacny = mace oe at fctonepmnasyeopyareonunfenepe sav uy epee OU MMA ESpERE NOM RO PeaRREIE tee eae renee cee ees eae eee ARS eGo IEEE * bpmetartinamer nea seer asureeber encom ctuamracn erst Sega ine een iSarnsaa weer se cee Fateemccamiee amen — SINS reese ae oo nore ky er uci veer el 2 a hy ak?ANNEXURE I Statement on Impact of Audit Qualifications (for audit report with modified opinion) ‘Rupees in lacs) itement on Impact of Audit Qualifications for the Financial Year ended March 31, 201 STANDALONE CONSOLIDATED: T_[ Sk] Particulars ‘Audited ‘Adjusted ‘Audited ‘Adjusted | | No. Figures (as | Figures Figures (as | Figures. | reported (audited reported (audited before figures after | before Figures after adjusting for | adjusting for | adjusting for | adjusting for qualifications) | qualifications) | qualifications) | qualifications) 7 Tumover? Tatar} 69,536 69,536 I income. 7 2 | Tota Expenditure 62ST TE 25 T6283 3__[ Net ProfitLoss) (6,565) 16,565) (6,508) a 4 | Eamings Per Share (15.04 (5.04) (16.04) (16.04) 5__| Total Assets 14, 145. 14,868 74,869 6 _| Total Liabiliies 4,538 Ta538 74,869 | 74,869 7__[ Net Worth B511 3571 5: 8,753 & | Any other financial ss - = item(s) (as felt appropriate by the ii | Audit Qualification (each audit qualification separately) ee Details of Audit Qualification: In the opinion of the management, Accounts Receivable & Loans and Advances have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance sheet. During the financial year ended March 31, 2016 confirmatory letters have been sent to the sundry creditors, suppliers and sundry debtors requesting them to confirm and reconcile the account balances as on March 31, 2016. A number of parties have not yet confirmed/reconciled the balances as on the date of signing of the financial statements. | Accordingly, Trade Payables, Loans and Advances and balances appearing under Trade | Receivabies are subject to reconciliation & confirmation. The financial impact of this is not | ascertainable and to that extent we do not have any information in respect of such balances. | Type of Audit Qualification : Qualified Opinion Frequency of qualification: Appeared first time For Audit Qualification(s) where the impact is quantified by the auditor, Management's Views: Unable to estimate For Audit Qualification(s) where the impact is not quantified by the auditor: @ Management's estimation on the impact of audit qualification: Unable to ascertain (®) i management is unable to estimate the impact, reasons for the same: The impact, if any, can be quantified only after receipt of confirmation! reconciliation from balance parties. Le. poor As Gaull,(ii) Auditors* Comments on (i) or (li) above + The above comments of the management are self explanatory and satisfactory. Signatories: Managing Director . cro bot Gio Audit Committee Chairman ra) N Statutory Auditor Cau, Place : New Delhi \ / Date 25.07 2018 we