iil JAGATJIT INDUSTRIES LIMITED 4th Floor, Bhandari House, 91, Nehru Place, New Delhi - 110019 Tel. (011) 26432641-42, 26424823, Fax : (011) 26441850 JIL\SCY\2016 - 17 14" November, 2016 The Department of Corporate Services, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Sub : Unaudited Financial Results for the Quarter ended 30.06.2016 Scrip Code No.: 507155 Dear Sir, We are sending herewith copy of the Unaudited Financial Results of the Company for the Quarter ended 30.06.2016, which have been approved by the Board of Directors in their meeting held on 14” November, 2016 and have undergone “Limited Review" by the Statutory Auditors of the Company. The report of the Statutory Auditors is also enclosed. Kindly acknowledge the receipt. Thanking you, Yours faithfully, for Jagatiit Industries Limited Daare Authorised Signatory 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 : wwrw.jagatjt.comMITTAL CHAUDHRY & Co, CHARTERED ACCOUNTANTS .26SD, GREATER KAILASHA, 5-108, GREATER KAILASHL NEW DELHI 110048 NEW DELHI- 110088 PHONE: +91 1 2621 4981, +91 1146526682 PHONE: +91 112923 8091, WEBSITE: www.meco.in FAX No: 291 114100 4491 Limited Review Report on Quarterly Financial Results of Jagatjit Industries Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 To ‘The Board of Directors of Jagatjit Industries Limited 1. We have reviewed the accompanying statement of unaudited financial results (“the Statement”) of Jagatjit Industries Limited (“The Company’) for the quarter ended June 30, 2016. This Statement is the responsibility of the Company's management and has been approved by the Board of | tors. Our responsibility is to issue a report on the Statement based on our review. 2, We conducted our review 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 Statement is 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, 3. As detailed in note 5 to the financial results and according to the information and explanations given to us, in respect of the Company having migrated from its old accounting software to Oracle EBS ERP based accounting and reporting system at its Head Office at Nehru Place, New Delhi location and Hamira Unit, Distt Kapurthala (Punjab) location with effect from Ist April 2016. The aforesaid accounting and reporting system adopted at the above mentioned two locations has not yet stabilized, due to inconsistencies which have arisen consequent to migration, coding and accounting processes effected in quarter ended 30” June, 2016. The inconsistencies are in the process of identification and rectification by the Company. The financial effect, if any, of these inconsistencies as on quarter ended 30” June, 2016 is not ascertainable,4. As disclosed in note 6 to the financial results, Trade Payables, Loans and Advances and balances appearing under Trade Receivables are subject to reconciliations. The financial impact of this is not ascertainable and to that extent we do not have any information in respect of such balances, 5. Based on our review conducted as above, except for the possible effects of qualifications as described in the previous paragraphs, nothing has come to Our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable 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 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, 6. We draw attention to note 8 to the financial results regarding Gas Sales Agreement with Gail (India) Limited, for 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 confident that there will be no material amount on resolution. In view of this, no ‘management effect of the same has been given in these results. Our audit opinion on the financial statements for the year ended 31" March, 2016 was also emphasized in this regard, Our opinion is not modified in respect of this matter. For Mittal Chaudhry & Co. 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