Jain Irrigation Systems Ltd. — Earnings Release 2021

JISL/SEC/2020/09/B-2/B-6 15th September, 2020

To,

Bombay Stock Exchange Ltd., Corporate Relationship Department, 1st Floor, New Trading Wing, Rotunda Building, P. J. Tower, Dalal Street, Mumbai - 400 001. Fax No.022– 22723121/22722037(Day) 022-22721072 (Night) Email: [email protected]

To,

National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. Fax No. : 022-26598237/38 Email : [email protected]

• Ref : Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Code No. 500219 (BSE) JISLJALEQS (NSE) Ordinary Equity shares Code No. 570004 (BSE) & JISLDVREQS (NSE) for DVR Equity Shares
• Sub. : Unaudited Standalone and Consolidated Financial Working Results for the quarter ended 30th June, 2020 (There is no revision in the figures, just a replacement of signature is done.)

Dear Sir.

In continuation to our letter No. JISL/SEC/2020/09, dated. 09th September, 2020, we have to inform you that the Board of Directors have met today through VC/Google Meet and considered, approved and recommended Unaudited Standalone and Consolidated Financial Working Results for the quarter ended 30th June, 2020.

We attach herewith Unaudited Standalone and Consolidated Financial Working Results for the quarter ended 30th June, 2020 in the prescribed format together with notes duly signed by the Managing Director of the Company and Limited Review Report dated 15th September, 2020 of the Statutory Auditors of the Company.

We are also arranging to publish the said results in newspapers as per Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The meeting commenced at 11.30 AM and ended at 15.30 PM

Please receive the above in order, take on record and acknowledge.

Thanking you, Yours faithfully,

For Jain Irrigation Systems Limited,

A. V. Ghodgaonkar Company Secretary

DITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30-JUN-2020

1 ifs The meeting Standalone held and on 15 Consolidated Sep 2020 and unaudited are available financial on the results Company's for the quarter website ended - www.juilts.curn. 30-Jun-2020 were reviewed by the Audit Committee and approved by the Board of Directors of the Company / Group at

wn The statutory Auditors have carried out Limited Review of the results for the quarter ended 30-Jun-2020.

The Company's/Group's evaluation of the financial impact on the Company due to lockdown and other restrictions on account of COVID-19 pandemic situation, for which a definitive assessrnent of the impact is highly dependent upon the circumstances as they evolve in the subsequent period

During 2019-2020, the Company's lenders have signed an inter-creditor agreement as per RO) circular as per June 7, 2019, the Company has been engaged with the lenders on the resolution plan on a proaclve basis. A formal resolution process involving lenders and professional advisors is on-going to approve the resolution plan The same is likely to be completed in the near future subject to regulatory compliarice and internal approvals of lenders, The financials and operations of the Company / Group have been impacted on account of adverse liquidity conditions being faced by the Company since previous year till date As on June 30, 2020, the Company has principal outstanding inluding interest thereon overdues to the working capital and term loan lenders aggregating to % 345,753 lacs which is part uf resululion plan As at June 30, 2020, Standalone and Consolldated networth of the Company stands at * 411,526 lacs and * 327,936 lacs, respectively, Post implementation of the resolution plan, the Company's/ Group's abillty to pay debt obligations and to optimise operations will improve significantly.

w The figures have been regrouped, rearranged, reclassified or reworked as necessary to confirm to the current quarter/year accounting treatment.

QUARTER ENDED REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER REGULATION 33 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATION 2015

Jalgaon, 15-Sep-2020 Vice Chairman & Managing Director

Chartered Accountants

Independent Auditor's Review Report on quarterly Unaudited Standalone Financial Results of Jain Irrigation Systems Limited pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015

To the Board of Directors Jain Irrigation Systems Limited

• We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Jain Irrigation Systems Limited ("the Company") for the quarter ended June 30, 2020 ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of the company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. KB LO ACS tercu mi india (converted on 17th June, 2014 from

Chartered Accountants

1. Material Uncertainty Related to Going Concern:

As stated in Note 4 to the Statement, there have been delays in meeting its debt obligations by the Company. The Company is presently engaged with lenders on the resolution plan and proposes to raise funds through monetization of its noncore assets, mobilisation of additional funds and other strategic initiative to meet its obligation. These events or conditions indicate that uncertainty exists that may cast doubt on the Company's ability to continue as a going concern.

Our report is not modified in respect of this matter.

1. We draw attention to Note 3 to the Statement, which explains the uncertainties and the Management's evaluation of the financial impact on the Company due to restrictions on account of COVID-19 pandemic situation and on account of resolution plan, for which a definitive assessment of the impact is highly dependent upon the circumstances as they evolve in the subsequent period.

Our report is not modified in respect of this matter.

For Haribhakti & Co. LLP Chartered Accountants ICAI Firm Registration No.103523W/W100048

Snehal Shah Partner Membership No.: 048539 UDIN: 20048539AAAACX7723

Place: Mumbai Date: September 15, 2020

Haribhakti & Co. LLP, Chartered Accountants Regn. No. AAC- 3768, a limited liability partnership registered in India (converted on 17th June, 2014 from a firm Haribhakti & Co. FRN: 103523W)

Registered offices: 705, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai - 400 059, India. Tel:+91 22 6672 9999 Fax:+91 22 6672 9777 Other offices: Ahmedabad, Bengaluru, Chennai, Coimbatore, Hyderabad, Kolkata, New Delhi, Pune.

Chartered Accountants

Independent Auditor's Review Report on quarterly Unaudited Consolidated Financial Results of Jain Irrigation Systems Limited pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015

To The Board of Directors Jain Irrigation Systems Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Jain Irrigation Systems Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its associate for the quarter ended June 30, 2020 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of the parent personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Chartered Accountants

1. The Statement includes the results of the following entities:

Haribhakti & Co. LLP, Chartered Accountants Regn. No. AAC- 3768, a limited liability partnership registered in India (converted on 17th June, 2014 from a firm Haribhakti & Co. FRN: 103523W)

Registered offices: 705, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai - 400 059, India. Tel:+91 22 6672 9999 Fax:+91 22 6672 9777 Other offices: Ahmedabad, Bengaluru, Chennai, Coimbatore, Hyderabad, Kolkata, New Delhi, Pune.

Chartered Accountants

a Haribhakti firm Haribhakti & Co. & LLP, Co. Chartered FRN: 103523W) Accountants Regn. No. AAC-3768, a limited liability partnership registered in India (converted on 17th June, 2014 from

Registered offices: 705, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai - 400 059, India. Tel:+91 22 6672 9999 Fax:+91 22 6672 9777 Other offices: Ahmedabad, Bengaluru, Chennai, Coimbatore, Hyderabad, Kolkata, New Delhi, Pune.

Chartered Accountants

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the consideration of the review reports of the other auditors referred to in paragraph 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in

Chartered Accountants

the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

1. Material Uncertainty Related to Going Concern:

As stated in Note 4 to the Statement, there have been delays/ defaults in meeting its debt obligations by the Group and its associate. The Parent is presently engaged with lenders on the resolution plan and proposes to raise funds through monetization of its non-core assets, mobilisation of additional funds and other strategic initiative to meet its obligation. These events or conditions indicate that uncertainty exists that may cast doubt on the Group's (including associate) ability to continue as a going concern.

Our report is not modified in respect of this matter.

1. We draw attention to Note 3 to the Statement, which explains the uncertainties and the Management's evaluation of the financial impact on the Group including its associate due to restrictions on account of COVID-19 pandemic situation and on account of resolution plan, for which a definitive assessment of the impact is highly dependent upon the circumstances as they evolve in the subsequent period.

Our report is not modified in respect of this matter.

1. We did not review the interim financial results of fifty two subsidiaries (including forty nine step down subsidiaries) included in the unaudited consolidated financial results, whose interim financial results reflect total revenues of Rs. 94,716.17 lakhs, total net loss after tax of Rs. 2,241.18 lakhs and total comprehensive loss of Rs. 2,241.18 lakhs, for the quarter ended June 30, 2020, as considered in the unaudited consolidated financial results. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our report on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Chartered Accountants

Certain of these subsidiaries are located outside India whose financial results have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our report in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us.

Our report on the Statement is not modified in respect of the above matter.

Chartered Accountants

1. The unaudited consolidated financial results includes the interim financial results of five subsidiaries (including four step down subsidiaries) which have not been reviewed by their auditors, whose interim financial results reflect total revenues of Rs. 11,606.36 lakhs, total net loss after tax of Rs. 1,723.26 lakhs and total comprehensive loss of Rs. 1,723.26 lakhs for the quarter ended June 30, 2020, as considered in the unaudited consolidated financial results. The unaudited consolidated financial results also includes the Group's share of net loss after tax of Rs. 32.34 lakhs and total comprehensive loss of Rs. 32.34 lakhs for the quarter ended June 30, 2020, as considered in the unaudited consolidated financial results, in respect of one associate, based on their interim financial results which have not been reviewed by their auditor. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group including its associate.

Our report on the Statement is not modified in respect of the above matter.

For Haribhakti & Co. LLP Chartered Accountants ICAI Firm Registration No.103523W/W100048

Snehal Shah Partner Membership No.: 048539 UDIN: 20048539AAAACY 1835

Place: Mumbai Date: September 15, 2020

Haribhakti & Co. LLP, Chartered Accountants Regn. No. AAC- 3768, a limited liability partnership registered in India (converted on 17th June, 2014 from a firm Haribhakti & Co. FRN: 103523W) Registered offices: 705, Leela Business Park, Andheri-Kurla Road, Andheri (E), Mumbai - 400 059, India. Tel:+91 22 6672 9999 Fax:+91 22 6672 9777

Other offices: Ahmedabad, Bengaluru, Chennai, Coimbatore, Hyderabad, Kolkata, New Delhi, Pune.

JISL/SEC/2020/09/B-2/B-6 15" September, 2020

To, To, Bombay Stock Exchange Ltd., National Stock Exchange of India Ltd., Corporate Relationship Department, Exchange Plaza, C-1, Block G, 1st Floor, New Trading Wing, Rotunda Bandra Kurla Complex, Building, P. J. Tower, Dalal Street, Bandra (East), Mumbai - 400 001. Mumbai - 400 051. Fax No.022— 22723121 /22722037(Day) Fax No. : 022-26598237/38 022-22721072 (Night) Email : [email protected] Email: [email protected]

Ref: Code No. 500219 (BSE) & JISLUALEQS (NSE) for Ordinary Equity Shares Code No. 570004 (BSE) & JISLDVREQS (NSE) for DVR Equity Shares

Sub: Declaration pursuant to Regulation 33 (3) (d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

Pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we hereby confirm that the Statutory Auditors of the Company i.e. Haribhakti & Co, LLP, Chartered Accountants, Mumbai have issued an Limited Review Report with unqualified opinion on the Unaudited Financial Statements of the Company (Standalone and Consolidated) for the quarter ended 30" June, 2020.

The Limited Review Report is attached for your reference and record.

Please receive the above in order and acknowledge.

Thanking you, Yours faithfully,

For Jain Irrigation Systems Limited, Ge

A. V. Ghodgaonkar, Company Secretary