Jindal Cotex 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:-
1 The above financial results were reviewed by the Audit Committee and approved by the Board of Directors of the company at its meeting held on June 30 ,2021.
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 Maturity profile and repayment schedule of principal/interest on secured loans is not possible to determine by the company as accounts with all the banks slipped into sub- standard category after restructuring.Hence banks has recalled the entire outstanding and have started recovery action under SARFAESI Act, 2002.
Since the date of default for repayment of loans to the secured lenders has become older than three years, the Debt payable by the Company to its secured lenders has, however, become barred by limitation.
4 Punjab National Bank (Earlier known as 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 M/s Jindal Medicot Limited and M/s Jindal Specialty Textiles Limited, as the same is presently not ascertainable as accounts of the subsidiaries have turned sub-standard over a period of time.
Jindal Medicot Limited is under CIRP as petition filed by a Financial Creditor got admited in NCLT, Chandigarh on 03/03/2020.
7 Amortization of processing fees of term loans has not been done as required by Ind AS, since accounts of the company has been classified as NPA before the transition date as per Ind AS.
8 The previous figures have been regrouped/rearranged to make them comparable with those of the current period.
By Order of the Board
Place: Ludhiana For Jindal Cotex Limited
Dated: 30th June, 2021