Jai Corp Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2021
Notes to the financial results:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 4th June, 2021.
2. The Board of Directors at its meeting held on 29th June, 2020 has approved discontinuation of the operations of the Spinning Division of the Company in a phased manner. Management does not envisage any material financial impact on the Companys operations due to discontinuation of the above Unit. The same has been considered as discontinuing operations in the above results, as prescribed under Indian Accounting Standards (Ind As) 105 “Non-current Assets Held for Sale and Discontinued Operations”. Results of discontinuing operations are as under:
3. The Company has evaluated the implications of the COVID 19 pandemic and has determined that there is no significant impact on its financial position and performance. The Company has taken into account the possible impact of COVID-19 in preparation of the audited standalone financial results, including assessment of recoverable value of its assets such as Trade receivable, Inventories and Investment etc. and current indicators of future economic conditions. The Company will continue to closely monitor any material changes arising out of future economic conditions and impact on its business.
4. Other income for the quarter ended 31st December, 2020 and year ended 31st March 2021 includes Rs. 8738 Lakh on account of profit on sale of land & building of one of the manufacturing units of the Packaging Division situated at Daman (DNHDD).
5. The Board has recommended dividend: (i) @ Re. 0.01 per share on such number of 1% Non- Cumulative Non- Participating Redeemable Preference Shares ('Preference Shares') of face value of Re.1/- each that will remain outstanding on the record date. Presently 5,28,000 Preference Shares are outstanding; and (ii) @ Re. 0.50 per share on 4,81,67,010 Equity Shares of face value of Re. 1/- each.
6. The figures for the corresponding previous period/year have been rearranged/regrouped wherever necessary, to make them comparable. The figures for the quarter ended 31st March, 2021 and 31st March 2020 are the balancing figures between the audited figures of the full financial year and the published/restated year to date figures upto the third quarter of the respective financial year.