| Textual Information(1) |
1 The above results have been reviewed and approved by Resolution Professional at their meeting held on 14th November 2025. The Statutory Auditors of the Company have carried out a Limited Review of the above results. 2 All the lenders except Tamilnad Mercantile Bank Ltd had assigned the debts along with all the rights and interests on the secured assets to CFM Asset Reconstruction Private Limited CFM who in turn sold it to Madelin Enterprises Private Limited MEPL under the SARFAESI Act 2002 and manufacturing operations from all locations have been discontinued. In addition the Company has received demand notice from Tamilnad Mercantile Bank Ltd TMBL under Section 132 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 Sarfaesi Act and the Rules framed thereunder for recovery of their dues vide letter dated 23rd November 2021. amounting to Rs. 32.94 Crores plus future interest as applicable thereon in terms of loan agreement. TMBL has denied to release the pro rata charge on assets of the company. Therefore TMBL approached DRT Mumbai for recovery of their dues from the Company and CFM. DRT Mumbai has passed interim order and CFM challenged the maintainability of TMBL application in DRAT where their contention was upheld thereafter TMBL has approached Gujarat High Court and matter is subjudice. TMBL has also filed an IA with NCLT.The order arereserved by Honble NCLT. In light of the above facts there could be a significant and material impact on the going concern status of the Company and its future operations. The Company s ability to sustain itself and generate revenues to meets its financial commitment has been critically dented. The same has been referred by the auditors in their report on results and was also referred by the auditors in their reports on the financial statements and results for the earlier years quarters. 3 Exceptional items for the quarter ended 30th September 2025 and for year ended 31st March 2025 represents loss on account of Provision for doubtful debts and repossession of secured assets by the Lender. 4 As the Company was admitted by the Honble NCLT vide its order dated 25th January 2024 therefore the Company has provided interest at the rate Nil percent p.a. wef. 1st April 2023 on term loan Cash Credit limits and Cumulative Redeemable Preference Shares CRPS on its borrowings aggregating to Rs. 247379 lakhs Term Loan Rs. 64121 lakhs and Cash Credit Rs. 171862 lakhs and CRPS Rs. 11 396 lakhs as against the documented rate as required as per IND AS -23 Borrowing Costs read with IND AS109 on Financial Instruments since Company unable to service interest liability. Aggregate amount of interest not provided for as at 30th Sept 25 is Rs.178071 lakhs. Accordingly finance costs for the quarter ended 30th Sept 2025 for the quarter ended 30th June 2025 for the quarter ended 30th Sept 2024 and for half year ended 30th Sept 2024 and the year ended 31st March 2025 is lower by Rs.11212 lakhs Rs.10710 lakhs Rs.19108 lakhs and Rs.39462 lakh respectively. The same has been qualified by the Auditors in their report on the results and was also qualified by the Auditors in their reports on the Financial Statements and results for the earlier year quarters. 5 The Company had issued a corporate guarantee of USD 463.96 Million equivalent of Rs. 377587 lakhs to the lenders of JBF Petrochemicals Limited JPL a step-down subsidiary. However following the sale of secured assets including its investments in subsidiaries and stepdown subsidiary. One of the lenders of JPL vide its letter dated 24th April 2018 invoked corporate guarantee to the extent of USD 252.00 Million equivalent of Rs.199155 lakhs as JPL has defaulted in servicing its borrowings towards principal and interest thereon. Company has denied above invocation and is of the view that above corporate guarantee was valid only up to one year from the Commercial operation date i.e. 31st March 2017 and all obligations of the Company towards above lenders stand rescinded have fallen away and ceased to exist as on 1st April 2018. In view of the above invocation of corporate guarantee on 24th April 2018 is not legally tenable and hence no provision is required towards the guarantee so invoked. Company has discontinued recognition of guarantee commission w.e.f. 1st April 2018. Further IDBI bank has filed IA with NCLT Ahmedabad against rejection of their claim in CIRP process which stands allowed and in compliance of orders of Honourable NCLT RP has admitted the claim of IDBI. IDBI is now a member of COC. RP and CFM have filed appeal in NCLAT against the NCLT order. On instructions of COC appeal filed by RP stands withdrawn. CFM too has withdrawn the appeal. Stay on voting on Resolution Plan granted by Honourable NCLAT now stands vacated. The same has been referred by the Auditors in their report on the results and was also referred by the Auditors in their reports on the Financial Statements and results for the earlier years quarters. 6 Due to the repossession of secured assets including all investments made by the Company in its subsidiaries and step-down subsidiary on 6th June 2022 the exposures has been reduced to NIL 7 Due to financial restructuring negotiation with lenders and or investors Company did not receive the audited financial statements of its subsidiaries hence the Company could not prepare the consolidated financial statements of the Company and accordingly no consolidated financial results have been published. The same has been referred by the auditors in their report on results and was also referred by the auditors in their report on the financial statements and results for the earlier years quarters. As on 31st March 2023. Madelin Enterprises Pvt.Ltd. has acquired the holding of our Company in the Subsidiary Company JBF Global Pte Limited situated at Singapore under the Sarfaesi Act but pending transfer in the name of Madelin Enterprises Pvt. Ltd. the shares are still in name of the company as on date. 8 There is no Chief Executive Officer CEO Chief Financial Officer CFO of the Company and Company Secretary CS and Compliance Officer of the Company. The same has been referred by the auditors in their report on results and was also referred by the auditors in their report on the financial statements and results for the earlier years quarters. 9 One of the operational creditors of JBF RAK LLC situated at UAE JBF RAK had made an application with National Company Law Tribunal NCLT under Insolvency and Bankruptcy Code 2016 against the Company for supply of raw materials to JBF RAK and claimed for a debt of Rs.12848 lakh USD 19899091.53 as per notice dated 17th February 2020. This application stand dismissed as infructuous hence no provision is required for above claim as another application was admitted. Further the operational creditor of JBF RAK LLC has filed its claim with RP which also has not been admitted by him and matter is subjudice. As rejection is contested by the operational Creditor the same has been referred by the auditors in their report on results and was also referred by the auditors in their report on the financial statements and results for the earlier years quarters. 10 In the opinion of the management the Company was engaged only in the business of producing polyester based products. As such there are no separate reportable segments. 11 An application was filed before the National Company Law Tribunal NCLT Ahmedabad by one of the Operational Creditor against the Company under section 9 of Insolvency and Bankruptcy Code 2016. The matter was admitted by the Honble NCLT vide its order dated 25th January 2024 and one resolution plan has been approved by Committee of Creditors COC and Honble NCLT has reserved its order on IA for approval of this plan. 12 The figures for the corresponding previous period year have been regrouped re-arranged wherever necessary to make them comparable. |