Jindal Poly Investment & Finance Company Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018

1. The company has adopted Indian Accounting Standards ("Ind AS") as notified under the Companies Act 2013 ('The act'), from 1st April 2018 with the effective date of such transition being 1st April 2017. Such transition had been carried out from the erstwhile Accounting Standards as notified (referred to as “the Previous GAAP'). Accordingly the corresponding figures for the quarter and nine months ended 31st December 2017 has been presented incorporating the effect of Ind AS Transition. The Financial Results have been presented in accordance with the circulars of SEBI issued relating to transition to Ind AS and in accordance with the format prescribed for financial statements for an NBFC whose financial statements are drawn up in compliance of the companies (Indian Accounting Standards) Rules,2015, in division “I of Notification No. GSR 1022(E) dated October 11, 2018 issued by the Ministry of Corporate Affairs, Government of India. The disclosure of reserves (excluding revaluation reserve) as per balance sheet of the previous accounting year ended 31st March 2018 not being mandatory, is not presented.

2. The Statement does not include Financial Results for the previous year ended 31st March 2018, as the same are not mandatory as per SEBl's circular dated 5th July 2016.

3. The above Financial Results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on 30th January 2019 and limited review of these results has been carried out by the Statutory Auditors of the Company.

4. Reconciliation of profit between Ind AS and previous GAAP for the quarter and Nine Months ended 31st Dec 2017 is as follow :

5. In earlier years, Jindal poly Investment & Finance Company Limited (JPIFCL) has invested in Zero Percent Redeemable Preference Shares and Equity shares amounting to Rs. 52,990.50 Lakhs of Jindal India Powertech Limited (JIPL), subsidiary of the JPIFCL and which was the holding company of Jindal India Thermal Power Limited (JITPL) and erstwhile step down subsidiary of the JPIFCL. JITPL operates thermal power plant (1200 MW) located in village Derang, Dist. Angul, Orissa. In June 2017, the lenders of JITPL have invoked the pledged equity shares to the extent of 51% equity capital and consequent thereof, JITPL ceased to be a subsidiary of JIPL. Lenders have further invoked 15% pledged equity shares in the month of February, 2018. Provision for diminution in investment in equity shares of JIPL has already been made in last quarter of FY 2017-18 and resultant impact has been shown under exceptional item. JPIFCL shall further evaluate the position at year end and shall make necessary adjustment, if any.

6. The company is mainly engaged in the investment activities hence no operating segment as per Ind AS 108 (Operating Segments).

7. The figures for previous quarter's / period have been reclassified / rearranged wherever required to conform to the presentation requirements laid down in Division III to the schedule III of the Companies Act 2013.

Ghanshyam Dass Singal
Managing Director