Jindal Cotex Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2020
1. The above Results for the year ended March 31,2020 were reviewed by the Audit Committee and approved by the Board of Directors of the company at its meeting held on July 31,2020.
2. The Audited financial results of the company have been prepared in accordance with Indian Accounting Standards (Ind AS) as specified in the companies (Indian Accounting Standard) Rules, 2015 as amended in terms of regulation 33 of the SEBI (listing obligation and disclosure requirement) Regulation, 2015 and SEBI circular dated July 05, 2016.
3. Since all the accounts of the company have been declared Sub-standard over a period of time the banks have started recovery action under SARFAESI Act. In the absence of any information on interest on outstanding dues to the bank,, the provision of interest has not been made by the company.
4. Oriental Bank of Commerce & Allahabad Bank being the lenders to M/s Jindal Cotex Ltd have assigned their Debt to J M Financial ARC Pvt. Ltd.
5. Since company has not conducted actuarial valuation of employee benefits during the previous years hence Ind AS 19, Employee Benefits cannot be applied.
6. Regarding compliance of provision IND AS 109 in respect to accounting of corporate guarantee for Rs 256 10 crore given by the M/s Jindal Cotex Limited to its subsidiaries, as the same is presently not ascertainable as accounts of the subsidiaries have turned sub-standard over a period of time.
7. Amortization of processing fees of term loans has not been done as required by Ind AS, since accounts of the company and its subsidiaries have been classified as NPA before the transition date as per Ind AS.
8. The company did OTS with catholic Syrian bank who assigned their debt to Phonix ARC and outstanding amount over & above OTS amount, has been written off and the written off income is shown under exceptional items.
9. The company did OTS with oriental bank of commerce for corporate loan who assigned their debt to JM Financial ARC and amount outstanding over & above OTS amount, has been written off and the written off income is shown under exceptional items.
10. The previous figures have been regrouped/rearranged to make them comparable with those of the current
11. There was no manufacturing activities at unit-1 of the company situated at VPO- Jugiana , GT Road, Ludhiana.