you are here:

Jain Irrigation Systems Ltd.


Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE175A01038 | SECTOR: Plastics

BSE Live

Dec 02, 16:00
39.95 0.15 (0.38%)
  • Prev. Close


  • Open Price


  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 02, 15:56
39.95 0.15 (0.38%)
  • Prev. Close


  • Open Price


  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    39.95 (9336)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Director’s Report

To the Members,

Jain Irrigation Systems Ltd. (JISL) is determined to contribute to the global symbiotic ecosystem of water, food and energy to build a sustainable future for all habitants on the earth. JISL is creating complete solutions through hi-tech agri inputs, contract farming and nutritious food products. The Company is pioneering initiatives to mitigate global warming by creating clean energy through zero-waste biogas systems, solar energy innovations and water and energy efficient products JISL, while serving all it’s stakeholders, is moving towards self-sustaining value chains, creating an infinite impact.

1) Financial Highlights

Rs. in Million (except EPS)




Domestic Sales & Services



Export Sales & Services



Other Operating Income



Sub Total



Other Income



Total Income



Operating Profit



Interest and Finance Charges



Depreciation and Amortisation



Profit before taxation and exceptional items



Exceptional Items (Forex)



Profit/(loss) before tax



Provision for Tax

Deferred Tax Asset/(Liability)



Current Tax Provision



Profit for the year before Prior



Period Expenses

Prior Period Items-Income/


Profit for the year



Profit b/f from the previous year



Balance available for




Out of which the Directors have

appropriated as under;

Proposed Dividend



Dividend Distribution Tax



Transfer to General Reserve



Balance carried forward



Earnings per Share (Rs.) Basic






2) Operations - Standalone, and State of Affairs of the Company


The revenue including operating income (net of excise duty) increased by 15.6% during the year under review. MIS and PE Pipes segments were major growth drivers, which showed a remarkable growth rate of 18.1% & 36.4%, respectively. Other business divisions have also reported growth as compared to last fiscal year. Hi-tech Agri Input Products division grew by 17.3%, while the Plastic Products division experienced a growth of healthy 20.0%.

The Company has reported a profit of Rs.2,811 million for FY 2018 as against Rs.1,638 million of FY 2017, recording remarkable growth of 71.6%, after about 5 years. Repayment of high cost loans had a positive impact on the Company’s profit and has, inter alia, resulted in increased profitability.


On a Consolidated basis the revenue from operations (net of excise duty) for FY 2018 was recorded at Rs.79,467.64 million as against Rs.67,697.83 million for FY 2017, showing a growth of 17.4%. Other income for the FY 2018 was Rs.573.02 million as against Rs.612.01 million of FY 2017. Revenue of Hi-tech Agri Input Products Division registered a strong growth of 28.3% on account of growth in India as well as through acquisitions abroad. Overall Plastic Division registered strong growth of 19.7% on account of robust offtake from domestic market. EBIDTA has increased by 14.9% on YoY basis at Rs.11,528 million. Total raw material consumption was recorded at Rs.41,946.05 million for FY 2018 as against Rs.35,946.84 million for FY 2017, reflecting increase of 16.69%. Employee cost was Rs.8,889.63 million for FY 2018 as against Rs.7,382.94 million for FY 2017. The finance cost for FY 2018 was recorded at Rs.4,785.86 million as against Rs.4,593.51 million for FY 2017, reflecting increase due to acquisition funding raised.

3) Dividend Distribution Policy

The Company has adopted the Dividend Distribution Policy with respect to SEBI notification dated 8th July, 2016, and policy is available on our website http://www. Policy.pdf.

4) Dividend

The Directors propose to shareholders a Dividend on Ordinary and DVR Equity Shares of Rs.2 each, (details as follows) involving an outlay of Rs.516 Million to all eligible shareholders, and Rs.106 Million of Dividend Distribution Tax, for year ended 31st March, 2018:

Particulars of Equity Shares

Amount (Rs.)

50% (Rs.1.00 per share) on 49,63,66,053 Ordinary Equity Shares of Rs.2 each


50% (Rs.1.00 per share) on 1,92,94,304 DVR Equity Shares of Rs.2 each




Dividend Distribution Tax @ 20.555%




5) FCCB redemption

The Company redeemed 4,000 FCCB’s of USD 10,000 each aggregating to USD 40 million (Equivalent INR 2,612 million) issued in the year 2012 to International Finance Corporation (“IFC”), Washington, USA (a World Bank Arm) and avoided potential Equity dilution of 4.58% during the year under review.

During May, 2018 the Company redeemed 1,000 FCCB’s of USD 10,000 each aggregating to USD 10 million issued to Nederlandse Financierings- Maatschappij Voor Ontwikkelingslanden N.V., The Netherlands (“FMO”) (USD 5 million) and Societe De Promotion et de Participation pour la Cooperation Economique, France (“Proparco”) (USD 5 million) and avoided potential equity dilution of 1.12% in the current year FY 2019.

6) Credit Rating

India Ratings & Research (a Fitch Group Company) upgraded the Long Term Issuer Rating of the Company to “IND AVStable” from “IND BBB”. The upgrade reflects the continued improvement in Company’s business and credit metrics, because of increasing scale of operations and resultant higher EBIDTA, while debt levels have remained at similar levels.

7) Capacity Expansion and Capital Expenditure

The Company has continued its pre-decided growth/ maintenance capex. The following table shows the capex incurred for maintenance and capacity expansion implemented during the year, and the resultant capacity addition in FY 2018;

Segment Name


Addition in Capacity for FY 2018

Capex FY 2018 (Rs. in Million)





Plastic Division




Tissue Culture

Million Nos



Others & Corporate






8) Other Major Developments during FY 2018

Jain Farm Fresh Foods Limited

The Company in February, 2018, through step down subsidiary of Jain Farm Fresh Foods Limited, acquired 100% stake in INNOVAFOOD N. V. Belgium, a leading importer, stockist and distributor of food ingredients and now has become one of the leading players in the dehydrated vegetables, spices and other food ingredients in Belgium, Netherlands, France and other neighbouring countries of European Union.

The Company recorded a revenue (net of excise duty) of Rs.16,281 million for FY 2018 as against Rs.15,794 of FY 2017, an increase of 3.08%, The Finance Cost for FY 2018 was Rs.774 million. Profit before tax for the Company for FY 2018 was Rs.383 million as against Rs.846 million of FY 2017, resulted in decrease of 54.73%, which could be construed as an impact of fire incident. Net loss for FY 2018 was Rs.435 million as against profit of Rs.605 million of FY 2017.

On 18th November, 2017, a major fire broke out at the Shirsoli Onion Dehydration Warehouse of JFFFL. The fire started in the wee hours of the day, generating heavy losses as the dried onions are inflammable. All losses are covered by insurance. The Company is committed to restoring and recovering losses while making systemic efforts to avoid such adversities in the future. Furthermore there was deflation in the commodities like garlic and mango which impacted the revenue of JFFFL.

Sustainable Agro-Commercial Finance Limited (SAFL)

SAFL is focusing its activities on Farm and Farmer only and operates in the rural & semi urban geographies of India. SAFL currently has 24 branches operating across the states of Maharashtra, Karnataka and Madhya Pradesh.

In February, 2018 SAFL was honoured with the Award - Best NBFC of the Year. The said award was given at the BFSI Event organised by the World HRD Congress & presented by ET Now ‘Rise with India’. The Company has been certified as one of the 10 Most Admired Non-Banking Financial Companies in 2018 by “Insight Success”.

- During the year 2017-18, SAFLs performance on some parameters are as follows:

Highlights for the year ended March 31, 2018 are:


Amount (Rs. in Million)

Applications received


Sanctions accorded


Disbursements effected


Loans outstanding


Repayment received


- During the year 2017-18 SAFL made Net profit after tax of Rs.75.3 million.

Change of KMP

During the year Mr. Manoj Lodha, Chief Financial Officer resigned and was relieved on 10th November, 2017. The Nomination and Remuneration Committee then recommended apointment of Shri Atul B. Jain as Chief Financial Officer whose appointment was then approved by Board on same date.

9) List of Awards/ Recognition - Financial Year 2017-18

The Company has received the following awards and accolades during the fiscal 2018.

A) Jain Irrigation Systems Limited

Name & Nature of Award / Honour

Instituted By

Given By

Received by

Felicitation - 10th Global Agriculture Leadership Summit

Indian Council of Food and Agriculture


Shri Anil B. Jain

The Economic Times Polymers -CEO of the Year-2017

The Economic Times Polymers Magazine

Mr. Robin Banerjee, Managing Director, Caprihans India Ltd. Mr. Shrikant S. Bairagi, Chief Executive Officer, Prothom Industries India Pvt. Ltd

Shri. Atul B. Jain

Lifetime Achievement Award -Corporate Excellence

Make in India Foundation, Govt. of Maharashtra

Prof. Shri Ram Shinde, Hon’ble Minister for Water Conservation, Protocol, OBC Welfare and also Guardian Minister of Ahmednagar

Shri Somnath Jadhav

Yes Bank Natural Capital Award

Yes Bank

Dr. Harsh Vardhan, Hon’ble Ministry of Science & Technology, Ministry of Environment, Forest and Climate Change and Ministry of Earth Sciences

Shri Abhijit Joshi & Shri Atin Tyagi

APEDA Export Award-2015 (received in 2017-18)

Agricultural & Processed Food Products Export Development Authority, Government of India

Ms. Rita A. Teaotia, Secretary, Department of Commerce, Ministry of Commerce & Industry, Government of India.

Shri Roshan Shah

Aqua Excellence Award

Aqua Foundation, New Delhi

Dr. Vandana Shiva, Environmentalist and Social Activist

Shri. Prabhat Srivastava

50 Most Impactful Leaders In Water & Water Management

World CSR Day & Sustainability Institution

Dr. Rajan, Co-Founder, Livpure

Shri. Abhijit Joshi

Inclusive Business List 2017 (received in 2017-18)

The shared Value Initiative India

Dr Amit Kapoor, CEO, Institute For Competitiveness and Justin Bakule, Executive Director, Shared Value Initiative India

Shri Atin Tyagi

CBIP Award (Optimum and Efficient Utilisation of Water Resources)

Central Board of Irrigation And Power (CBIP)

Girish Mahajan, Hon’ble Minister for Water Resources, Govt of Maharashtra

Shri Varun Kumar Singh

Shri Ashok B. Jain, Chairman of the Company has received the following award and accolades during the fiscal 2018.

B) Shri Ashok B. Jain, Chairman.

Name & Nature Award / Honour

Instituted By

Given By

Maharashtra Corporate Excellence Award (Maxell Award)-2017

Maxell Foundation

Sam Pitroda, Indian telecom revolution and renowned technologist (Former Advisor to the Prime Minister on Public Information Infrastructure & Innovations (PIII))

10) Other Major Developments Post March, 2018

In May, 2018 the Company received an Integrated Drip Irrigation project in Vidarbha region worth Rs.2,391.7 million. More than 10,000 farmers and 20,748 acre command area covering 65 villages of Arvi Taluka of Wardha district of Maharashtra will be benefited from the project.

In May, 2018 the Company was awarded Maharashtra’s One More “HarKhet Ko Rani”future ready Micro Irrigation project worth Rs.703.6 million. More than 3,000 farmers and 8,086 acres command area of Jalgaon district of Maharashtra will be benefited from the project.

In June, 2018 the Company has raised Rs.2,600 million by way of Secured External Commercial Borrowings loan from International Finance Corporation, (an arm of World Bank Group) Washington (“IFC”), to be repaid in 7 years from 15th March, 2019, the all in cost is 10.62% p.a.

In July, 2018 the Company received India’s largest Irrigation Project initiated by Madhya Pradesh Government to be executed at Mohanpura, Madhya Pradesh worth Rs.9,750 million. The project shall cover cultivable command area of 228,475 acres.

11) Particulars of Employees

As per provisions of Section 134 of the Companies Act, 2013 only four of the persons in employment of the Company have drawn remuneration in excess of Rs.850,000/- per month, during the year under review or part thereof as per details in the Annexure I to this report.

12)The Operations of Holding Subsidiaries

The Statement containing salient features of the financial statements of subsidiary companies is attached in AOC- 1 at Annexure II.

Other Subsidiaries

Information on operations and performance of other subsidiaries is covered in the section MANAGEMENT DISCUSSION AND ANALYSIS elsewhere in this Annual Report.

13)Employee Stock Option Plan (ESOP) ESOP

i) ESOP- 2005

All the options under the scheme are exercised and the scheme is now closed.

ii) ESOP-2011

There is no material change during the year under review in ESOP-2011. No options have been granted, neither exercise of options has taken place during the year under review, in ESOP-2011.

However, on August 13, 2018 the Board of Directors on recommendation of Nomination and Remuneration Committee have approved certain changes to ESOP 2011 to provide for loans to employees and also formation of a trust to buy shares from open market. These changes are detailed in the AGM Notice and Explanatory Statement sent to members separately. Further, details are disclosed on the Company’s website and a web-link thereto is JISLJALEQS/files/Esop_

i) A description of each ESOP that existed at any time during the year, including the general terms and conditions of each ESOP including:

Sr. No.


ESOP 2011


Date of Shareholders approval -

30th September, 2011 and 27th September, 2013


Total number of options approved under ESOS



Vesting requirements

Not yet granted


Exercise price or pricing formula

To be decided


Maximum term of options granted

To be decided


Source of shares (primary, secondary or combination)



Variation in terms of options


*see 2nd para above

ii) Option movement during the year

Sr. No.


ESOP 2011


Number of options outstanding at the beginning of the period



Number of options granted during the FY 2018



Number of options

forfeited / lapsed during the FY 2018



Number of options vested during the FY 2018



Number of options exercised during the FY 2018



Number of shares arising as a result of exercise of options



Money realized by exercise of options (INR), if scheme is implemented directly by Company


Loan repaid by the Trust during the year from exercise price Received


Number of options outstanding at the end of the year



Number of options exercisable at the end of the year


iii) Details related to the Trust

(a) General information on all schemes

Sr Particulars No.


1 Name of the Trust

Jain Irrigation Employee Welfare Trust

2 Details of the Trustee(s)

IDBI Trusteeship Services Limited, Mumbai, Mr. Aaron Solomon, Solicitor Mrs. Snehal Walvalkar, FCA

3 Amount of loan disbursed by Company/ any Company in the group, during the year


4 Amount of loan outstanding (repayable to Company / any Company in the group) as at the end of the year


5 Amount of loan, if any, taken from any other source for which Company / any Company in the group has provided any security or guarantee


6 Any other contribution made to the Trust during the year



Number of Shares

As a percentage of paid-up equity capital as at the end of the year immediately preceding the year in which shareholders’ approval was obtained

Held at the beginning of the year


Acquired during the year


Sold during the year


Transferred to the employees


during the year

Held at the end of the year


(c) In case of secondary acquisition of shares by the Trust.- NOT APPI ICARI E, However, on August 13, 2018 the Board of Directors on recommendation of Nomination and Remuneration Committee have approved certain changes to ESOP 2011 to provide for loans to employees and also formation of a trust to buy shares from open market. These changes are detailed in the AGM Notice and Explanatory Statement sent to members separately.

14)Material Developments in Human Resource

We continue to bring to life and nurture the guiding principles laid down by our Founder Chairman Shri Bhavarlal H. Jain. The far reaching impact of those profound and insightful principles can be seen in the positive words and actions of our associates. Inspired by these eternal concepts, numerous projects that incentivize real performance are being executed across the supervisory and managerial cadre of the company. We have also incorporated a flexi job scheme to ensure that each individual member of our skilled and unskilled workforce feels comfortable at the workplace.

The organization also helps them and other stakeholder fulfill their aspirations and responsibilities in the following manner:

Associate Engagement

We continue to evolve innovative training and performance incentivizing schemes that work in tandem with our high performance and flexible production systems. The flexible job approach provides our operational workforce an opportunity to explore and acquire multiple skills. This helps manages stress levels through job rotation. The antidote alleviates the fatigue normally associated with continuously running processes. Our work culture promotes trust, organizational commitment and pleasure associated with a job well done while helping associates balance efforts required to achieve a goal.

Family Development

To help families appreciate the hard work put in by our associates we invited 375 families with an aggregate of 1,965 members to visit the workplace. In addition to helping our associates gain recognition for their hard work and instill a sense of pride in the families this also helps foster the culture encapsulated in the maxim “Work is Life, life is work”. During the year 22 associates availed of the facility to use our large and well-equipped Multi-purpose Hall in Jalgaon city at nominal charge to host up to 500 people at family functions like marriages. To help our associates take better care of their health we have also established an open air gymnasium at the Jain Plastic Park. We also organized regular counseling sessions for our associates and their families where everyone got an opportunity to consult an expert team of physicians. In addition to these consultations our dieticians also helped people develop customized meal plans. We also continue to provide a financial support to people suffering from a wide range of chronic ailments like infertility, ophthalmic and orthopedic disorders etc. We also organized consultations for individual associates interested in giving up undesirable habits which they had identified in themselves.

Children’s Development

In line with our belief in that the youth are the future of a nation we covered 138 children of associates studying in the 7th to 10th standards under the “Vidyarthi Utkarsh Abhiyan”. This program focuses on the academic & cultural development of these children. In addition we organized a 10 day residential camp aimed at developing the overall personality of 58 children of associates studying in 7th to 10th Standard at Anubhuti International School. A total of 189 children of associates were identified on basis of merit under the “Educational Scholarship Scheme”. An aggregate amount of Rs.5.12 million was disbursed for their educational expenses based on claims made.

Prevention of Sexual Harassment

The Company had adopted and put in place a policy on prevention, prohibition and redressal of sexual harassment at workplace according to the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules thereunder. The Company stands committed to providing equal opportunities for employment irrespective of the candidate’s race, caste, sex, religion, colour and nationality, among others. All the employees are treated in dignified manner and the Company maintains a work atmosphere free of sexual harassment whether physical, verbal or psychological. A sensitization workshop was conducted during the year under review by the Company to spread awareness about prevention of sexual harassment. The Company has in place Committee for redressal of sexual harassment complaints which consists of Ms. Manisha Kinge, Chairperson, Dr. Jayashree Rane, Dr. Ashwini Patil, Ms. Varsha Rane, Dr. Anil B. Patil, Mr. Jayraj S. Nair, Mr. V. M. Bhat (Members).

Social Involvement

Emergency services such as fire engines and ambulances were provided in and around each manufacturing site across the country whenever required to deal with situations like road accidents. A series of eye camps were organized in collaboration with “Kantai Netralay” in various villages in Jalgaon, Maharashtra. Cataract surgeries were carried out free of charge for patients identified at these camps.

The Company also organized blood donation camps at periodic intervals for blood banks operating in the area. These programs were conducted twice in a year at various locations such as Plastic Park and Agri Park at Jalgaon (Maharashtra), Food park at Chittoor (Andhra Pradesh) & Padra (Vadodara - Gujrat), Plastic Park at Hyderabad (Telangana), Alwar (Rajasthan) & Udumalpet (Tamil Nadu). This year a record number of blood units were donated. A total of 2,635 units of blood were donated. It is noteworthy that due to the sheer number of donors we had to invite blood banks from adjacent district to Jalgaon (Maharashtra) to participate in the blood donation drive.


Training is a continuous process to sharpen the performance/skills of associates and it continues at all our locations of the Company, all the time. The brief about location and program-wise training is as under

Associates Training FY 2017-18



In House Training


External Institute




No. of participants

Duration (Hours)

No. of participants

Duration (Hours)

No. of participants

Duration (Hours)

no of participants

Man Hours


Jain Plastic Park Jalgaon










Jain Green Energy Park Jalgaon










Jain Tissue Culture Park Jalgaon










Jain Agri Park Jalgaon










Jain Plastic Park Hyderabad










Jain Plastic Park Alwar










Jain Plastic Park Udumalpet










Jain Plastic Park Karnool










JFFFL, Jalgaon










JFFFL, Chittoor-I & II










JFFFL Vadodara









Grand Total









Agricultural Engineers’ training 2017-18

Sr. No


No. of associates

Duration (Hours)

No. of Students

Duration (Hours)

Grand Total (Hours)


Engineer Training







Engineer Field Training (3 months)












Exhaustive courses were organized to foster a sense of responsibility and enhance focus on high performance delivery. Apart from the onsite orientation programs, few associates of the managerial & supervisory cadre were nominated for external trainings, seminars & workshops with the objective of core & multi skill set development. Behavioural & soft skill programs along with nomination for technical courses was done during the year as a routine exercise. The total of 67,873 man hours were devoted to training of 16,949 associates during the year under review. The associates were nominated from across functions with the objective of multi skill set development.

Workforce Strength & Recruitment:

Given the company’s rapid growth recruitment is an on-going process where we strive to identify, select and appoint the right people for the job at hand. This also includes recruitment of Managers, Engineering Graduates and Post Graduates from institutes like IIM’s, IIFT, IIT’s, Agricultural Universities and colleges through campus placements. We were also able to successfully acquire talented people through walk in interviews held at short notice. New associates are selected on basis of merit, potential, compatibility with the organizational culture. The strength of the Company in terms of manpower has reached 8,170 on 31st March 2018, after gross addition of 937 during F.Y. 2017-18.

15)Remuneration Policy

The Company has put in place a Remuneration Policy for Executive Directors, Independent Directors, and KMP’s pursuant to provision of Companies Act 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the same is annexed at http:// APPOINTMENT_AND_REMUNERATION_POLICY.pdf .

16)Corporate Social Responsibility & Sustainability Report

a) Corporate Social Responsibility

The Company has a holistic and comprehensive very comprehensive Policy in place with the identified CSR Programme and projects. The CSR Committee of the Company has approved, to carry out CSR activities on its own and also through the two Trust/Foundations, namely Bhavarlal and Kantabai Jain Multipurpose Foundation (BKJMF) Trust, Jalgaon and another Section-8 Company, Gandhi Research Foundation (GRF), Jalgaon. The CSR Report is attached as Annexure III.

Sustainability Reporting

We have so far released four sustainability reports with a frequency of two years. Our last sustainability report is prepared as per GRI G4 and is available on our website pdf. The assurance as per AA1000 AS is taken from external party for this report. We are now in process of implementing Internal Sustainability Management Framework to integrate our reporting process. Following SEBI’s latest LODR we will attempt our first Integrated Report in FY 2018-19 i.e. next year.

Climate Change Mitigation at a Glance

Being environmentally concerned organization Company is committed to protect the environment from impacts of climate change. JISL is among very few organizations in the country that have incorporated GHG accounting and mitigation actions in their management systems and got it certified from third party. FY- 2018 was fourth year of our carbon accounting and certification. We account and report on our complete Scope 1 and Scope 2 GHG emissions and removals and selective Scope 3 emissions.

We have implemented and registered renewable energy and energy efficiency projects to generate green energy and mitigate climate change. Some of these projects are also registered under Clean Development Mechanism (CDM) of United Nations Convention on Climate Change (uNFCCC). By the end of FY 17-18 the company has verified 38,637 Certified Emission Reductions (CDM carbon credits) and 3,620 Voluntary Carbon Credits. All our registered CDM Projects have potential to generate 30,000 plus carbon credits per annum. Out of the registered CDM projects, solar and biogas based power generation projects are also registered under Renewable Energy Certificate (REC) Scheme.

Water Conservation at a Glance

We have conducted gate to gate water footprint assessment following international standard ISO 14046:2014 during the reporting period. Water management system following guidelines of ISO 14046 is implemented in the manufacturing locations all over India. In addition we initiated the implementation of Alliance for Water Stewardship (AWS) standard in Kantai Watershed (a micro-watershed of Girna River in Jalgaon). The area covered under AWS comprises of 16 villages and our Jalgaon establishments (Jain Hills, Jain Valley, Takarkheda and Plastic Park) with an approximate coverage of 21,000 acres.

17)Directors retiring and their background

All Independent Directors have given declaration that they continue to meet the criteria for independence as laid down under Section 149 (6) of the Companies Act, 2013, and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shri R. Swaminathan retires by rotation as per the Companies Act, 2013, and being eligible offers himself for reappointment, at the ensuing Annual General Meeting. The brief background of retiring director as follows:

Shri. R. Swaminathan

Shri. R. Swaminathan is a B.Tech (Chemical). He has been associated with the Company since inception. He looks after the technical areas of PVC Pipes, Plastic Sheets and related business areas. He has worked in almost all the operational areas and is involved with development of new applications & products and adaptation of drip technology for Indian conditions. In the recent years he is credited with development of new plastic sheet product which is now fast replacing the lumber applications in the North American construction industry. He has substantial authority to oversee and implement the day to day production plan of Plastic Park of the Company in accordance with the annual budget and quarterly budget approved by the Board.

Please also see Annexure I to Explanatory Statement.

18)Internal Financial Controls (“IFC”)

The Board of Directors of the Company are responsible for ensuring that Internal Financial Controls have been laid down in the Company and that such controls are adequate and operating effectively. The foundation of Internal Financial Controls (‘IFC’) lies in the Code of Conduct of the Company, policies and procedures adopted by the Management, corporate strategies, annual business planning process, management reviews, management system certifications and the risk management framework.

The Company has IFC framework, commensurate with the size, scale and complexity of its operations. The framework has been designed to provide reasonable assurance with respect to recording and providing reliable financial and operational information, complying with applicable laws, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance with corporate policies. The controls, based on the prevailing business conditions and processes have been tested during the year by an independent agency and no reportable material weakness in the design or effectiveness was observed. The framework on IFC over Financial Reporting has been reviewed by the independent agency and external auditors. The Company uses various IT platforms to keep the IFC framework robust. The systems, standard operating procedures and controls are implemented by the management team and are reviewed by the internal audit team whose findings and recommendations are placed before the Audit Committee.

a) Policies and processes adopted for orderly & efficient conduct of business

The Company has formalized various policies at Board level to ensure ethical, orderly, timely, flexible and efficient conduct and control of business in all its divisions, namely Micro- sprinkler irrigation, PVC & PE piping systems, Tissue Culture, Greenhouses, bio fertilizers and green energy products, besides processing of foods and vegetables through its subsidiary JFFFL.

b) Safeguarding of assets

The Company has evolved efficient, effective mechanism for the safeguarding of its assets whether tangible or intangible, assets and property with self-control or third parties, funds or securities and negotiable instruments, employee associates. Besides providing for safety, housekeeping and security of the assets, the Assets are adequately insured against perils/happenings etc.

c) Prevention and detection of fraud and errors

The Company has an internal audit department at each of its manufacturing location, which conducts comprehensive audit of every single financial transaction, as well as reconciliation to accomplish control and to ensure prevention of fraud, and is aided by an “external” internal audit which reviews not only manufacturing locations but also depots/ other processes like purchase, statutory compliance, collection, foreign exchange, taxation, costing, compliance, accounting etc. The Company’s management information and accounting system also integrates internal control mechanism.

d) Accuracy and completeness of accounting records

The Company has in place fully integrated ERP system, based on SAP software, and its subsidiary’s records also get integrated while consolidating the same as per requirements of Law for the time being in force. ERP System encompasses authorization matrix and maker / checker verification to ensure transparent and timely flow of information, and recording thus creating appropriate and conductive platform for effective control and decision making. The accounting system has the provision for Audit trail and check mechanism for use by various auditors.

e) Timely preparation of reliable financial information

The Company has a robust and efficient mechanism for timely preparation of reliable financial information, within given timelines and has a track record of submitting information without any delay to relevant authorities.

f) Monitoring and Reporting

The Company has put in place a mechanism to monitor and report exceptions on compliance requirements on an enterprise wide level. Company has already implemented an IT platform to capture non conformity and reporting to Chief Compliance Officer & Company Secretary, who shall be mainly responsible for the monitoring control and reporting function. In case of non-compliance despite warnings thrown up in the system, a gradual system of remedial action, warning, punishment is laid down depending on gravity and level of non-compliance and deterrent is in place for non- compliance.

19)Corporate Governance Report

The Company constantly endeavours to follow the corporate governance guidelines and best practices sincerely and disclose the same transparently. The Board is conscious of its inherent responsibility to disclose timely and accurate information regarding the Company’s operations, performance, material corporate events as well as on the leadership and governance matters relating to the Company.

The Board, at all times exercises its independence both, in letter and in spirit and the Directors fully understand their fiduciary duties. The Directors have always acted in the best interest of the Company and will continue to do so in the future. It is equally important to state that the Company has a professional and competent leadership team for the management of the business. The Board guides, supports and compliments the Management team towards achieving the set objectives to make the enterprise more sustainable and valuable in the future.

A separate Corporate Governance Report is attached as Annexure IV forming part of Director’s Report in terms SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A Certificate from Statutory Auditors, confirming compliance of Corporate Governance code and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is also attached together with CEO Certificate/declaration.

20)Management Discussion and Analysis Report (MDAR)

As per the requirements of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a separate Management Discussion & Analysis is given elsewhere in the Annual Report at Annexure V.

21 )Particulars of Loans, Guarantees or Investments by the Company

The details of Loans, Guarantees or Investments by the Company during the year given at Annexure VI.

22)Consolidated Financial Statements

Consolidated Financial Statements are prepared in accordance with IND-AS, form part of the Annual Report. Pursuant to Section 129(3) of the Act, a statement in Form AOC-1 containing the salient features of the financial statements of the subsidiary companies is attached to the Financial Statements. The financial statements will also be kept open for inspection by any Member at the Registered Office of the Company. In terms of requirement of the Companies Act, 2013 the financial statements of the Company, consolidated financial statements along with relevant documents are available on the website of the Company.

23)Significant, Material orders passed by the Regulators/ Court/ Tribunals

There are no material orders or judgments passed by the Regulators/ Court/ Tribunals which would impact the ‘going concern’ status of the Company or its future prospects, subject to contingent Liabilities as mentioned in the notes forming part of Financial Statements.

24) Director’s Responsibility Statement

In accordance with the provisions of Section 134(3) (c) of the Companies Act, 2013, your Directors state that:

i) In the preparation of the annual accounts, the applicable Accounting Standards (Ind AS) have been followed except, to the extent indicated in notes;

ii) The accounting policies are selected and applied consistently and are reasonable; prudent judgments, and estimates were made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2018, and, of the profit of the Company for the year ended 31st March, 2018;

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) The Directors have prepared the annual accounts for the FY ending 31st March, 2018 on a ‘going concern basis’.

v) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

25)Extract of Annual Return

Pursuant to Section 92 (3) of the Companies Act, 2013, the extract of Annual Return in form MGT - 9 is attached at Annexure-VII.

26)Governance Disclosers

Policy for Performance Evaluation

In terms of Section 178 of Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Board has constituted Nomination & Remuneration Committee (NRC) with three Independent Directors and one Non-Independent Director, and an Independent Director being Chairman of the Committee.

Board has evolved Company’s policy for appointment and remuneration based on qualifications, positive attributes, the details of which are laid out in Appointment & Remuneration Policy at http://www.nseprimeir. com/z_JISLJALEQS/files/JISL_APPOINTMENT_AND_ REMUNERATION_POLICY.pdf

Board Evaluation

Pursuant to provisions of the Companies Act, 2013 and sub Regulation (3) and (4) of Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a separate meeting of Independent Directors was held to review the performance of Chairperson, Executive Directors and the Board as a whole on 22nd March, 2018 at Mumbai. The Board evaluation was completed on 13th August 2018.

The Nomination and Remuneration Committee has evolved the policy for performance evaluation of Executive Directors, Independent Directors, Board SubCommittees and the Board as whole and updated the formats as per requirements of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. An evaluation of Board as a whole was carried out during the year under review as per laid down processes.

Criteria for evaluation


Parameters for evaluation


Board composition and structure; effectiveness of Board processes, information and functioning etc.


composition of Committees, effectiveness of Committee meetings etc.

Individual Directors

Whether Director possesses adequate experience in industry/ business/ profession and is knowledgeable to give dispassionate advice, Diligently executes all responsibilities and actions delegated to him/ her, contribution to the Board and Committee meetings, like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings etc.


Whether the Chairman leads the Board effectively, whether the Chairman ensure participation of all members in the Board deliberations, Whether Chairman guides the Board /Management on key issues to be brought up to the Board for deliberations, whether the Chairman enhances the Company’s image in dealing with major stakeholders

27)Familiarisation programme for Independent Directors (ID’s)

The Company has arranged for visit of Directors at head quarter and new plants including overseas to make the ID’s aware of their roles; rights and responsibilities in the Company as well as the industry in which the Company operates; business model of the Company, and also their role in governance matters. A visit to Israel was organised for the purpose. All Directors are aware about Company and are always updated through site visits about new developments presentations or through Board.

28)Vigil Mechanism

The Company has adopted a Whistle Blower Policy to provide a mechanism to all employees, to report their concern about suspected fraud or violation of Company’s ethics policy, code of conduct. The policy provides direct access for employees to Chairman of Audit Committee and it is affirmed that no associate of the Company has been denied access to the Audit Committee. The policy of vigil mechanism is available on the Company’s website and web-link there to is JISLJALEQS/files/WHISTLE_BLOWER_POLICY.pdf

29) Directors Remuneration

The information pursuant to Section 197 of the Companies Act 2013, read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Person) Rules, 2014 are given in Annexure VIII to this Report.

30)Contracts or arrangements with related parties

The Contract and Arrangement entered into during the year with Related Parties mostly Wholly Owned Subsidiaries were on arm’s length basis, in compliance with the applicable provision of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.

There are no “materially significant” Related Party Transactions entered into by the Company with Promoters, Directors, KMP’s which may have potential conflict with the interest of the Company. All Related Party Transactions are placed before the Audit Committee, which Comprises of Mr. Ghanshyam Dass, Mr. Vasant V Warty, Smt. Radhika Pereira (being the ID’s) of the Company for its approval. The Audit Committee also reviews on quarterly basis all Related Party Transactions during the quarter whether or not previously approved. The Company has adopted Policy on Materiality and dealing with Related Party Transactions. The policy approved by the Board is available on Company’s website and web-link thereto is http://www.nseprimeir. com/z_JISLJALEQS/files/Policy_on_Materiality_and_ Dealing_ with_ Related_ Party_ Transactions.pdf The Company has transactions with subsidiaries in ordinary course of the business for some of the export-import related transactions for details refer Annexure IX.

31)Environment Health and Safety performance

The Company has implemented Quality, Environment, Occupational Health and Safety Integrated Management System (IMS) with certifications, and the same is maintained with continued improvement at all locations including Jalgaon, Hyderabad and Alwar plants. Some of the Environment, Health and safety improvements achieved in the manufacturing facilities are given below:

- To improve workplace air quality all dust collector hose connections were modified and SPM & RSPM levels were reduced in Casing Pipe.

- Installed auto operated flap to open end of pipe on ATM machine resulted in noise level reduction in Casing Pipe.

- All Driptech activities were integrated with current extrusion by online tubing punch with TRUMPF laser which are CE complied and safer.

- All air & water leakages are arrested in Driptape.

- Separate shed for DA, CO2, O2, N2 gas cylinders, used for plasma cutting machine in filter manufacturing, which improved chemical safety at workplace.

- Separate manifold system for DA, CO2, O2, N2 gas provided for plasma cutting machine in filter manufacturing.

- To reduce operator fatigue magnetic lifter was provided to lift the MS sheet at plasma machine in filter manufacturing.

- Hydraulic stacker was provided to lift the heavy job/ filters in filter manufacturing due to which manual material handling was eliminated.

- In MIS Pipe mixing section the path from hot mixer to cold mixer and cold mixer to compound hopper cover was modified to minimize dust level at workplace.

- Modifications were done in the day bin and hopper cover of all machines to reduce the dust in MIS Pipe.

- Anti-vibrating pads were installed to all turbo to avoid the vibration and noise on mixing floor of MIS Pipe.

- Installed 50 MT truck tilter for unloading of PVC resin from 20ft container in PVC Pipe.

- Water consumption was monitored on daily basis by installing water meter to all water inlets of plant in PVC Pipe.

- Hand railing was provided to all storage hoppers in PVC Pipe mixing section.

- Mixer modification was done to reduce dust pollution in PVC Pipe.

- Hand dryer was installed in associate canteen to dry the hand after hand washing in plants for improvement in hygiene practices.

- Replaced 5 MT Chain pulley blocks with 7.5 MT in machine line of Omega 450 and bigger size machines to enhance factor of safety.

- To reduce operator fatigue, material loading system was installed on 10 machines in injection moulding.

- Operator additional safety feature software was updated on 5 machines in injection moulding machines.

- New trolley was made for shifting of duct coil from shop floor to yard to reduce the vehicle movement in HDPE pipe.

- For pipe feeding from extruder machines to high volume welding machine automatic pipe feeding system was installed to eliminate manual feeding in sprinkler pipe.

32) Fixed Deposits

The Company has not accepted, nor renewed any deposits from public, under the Companies Act 2013 and Companies (Acceptance of Deposits) Rules, 2014, including amendments to the same. The Company had no unclaimed / overdue deposits as on 31st March, 2018.

33) Auditors

a) Statutory Audit

The Auditor’s Report of Statutory Auditors of the Company, Haribhakti and Company LLP, Mumbai, for FY 2017-18 does not contain any qualification, reservation, adverse remark. The Statutory Auditors of the Company shall continue to hold their office as Statutory Auditors upto the Statutory Audit of FY 2020.

b) Cost Audit

Pursuant to the provision of the Section 148 of the Companies Act, 2013, the Board has appointed M/s. D. C. Dave & Co., Cost Accountants, Mumbai as the Cost Auditors for FY 2019. The Shareholders may approve the remuneration to be paid to them for FY 2018-19.

c) Secretarial Audit

Pursuant to Section 204, of Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Company has appointed M/s V. Laxman and Co. firm of Company Secretary in practice, to conduct Secretarial Audit of the Company for Financial Year 2018. The report of the Secretarial Audit is attached as Annexure X.

The Secretarial Audit report does not contain any qualification, reservation, adverse remarks.

34)Business Responsibility Report

The Securities and Exchange Board of India (‘SEBI’) requires companies to prepare and present to stakeholders a Business Responsibility Report (‘BRR’) in the prescribed format. SEBI, however, allows companies to follow an internationally recognized framework to report on the environmental and social initiatives undertaken by the Company. The Business Responsibility Report is attached as Annexure XI.

35)Particulars of Energy Conservation, Technology Absorption, Research and Development, Foreign Exchange Earnings and Outgo.

A] Energy Conservation 2017-18 Agri Park & Tissue Culture

In tissue culture growth room, fluorescent lights have been replaced with LED lights that can save minimum 59% electric energy. R&D work place has been installed with LED lights to reduce energy consumption. Part of “Future Agriculture R&D” Green House roof installed with semi-transparent photo voltaic panels. Additional facility for rain water harvesting and storage of water for 36,000 cubic meters created at Block G of Tissue Culture Park, Takarkheda.

Energy Park

Energy audit of all equipment’s of PV module Plants have been done and identified energy efficient equipments, electrical power meters were installed at individual electrical panels to monitor power consumption. Production process redefined according to energy efficient equipments. Induction heating is introduced at BLDC motor production floor instead of electrical heating, this system heats the shaft before insertion.

B) Technology Absorption/upgradation

Since Company has no collaboration, all efforts are towards upgradation of technology.

Agri Park & Tissue Culture

In tissue culture, pilot scale production of banana plantlets has been initiated using a new approach of plant propagation that will help in improving productivity per person, efficient utilization of laboratory space and opening possibility of high mechanization. Plants produced by this process have performed better on farmers’ field. Based on previous research, potato seed development program has been initiated where initial potato mother plants are multiplied through tissue culture to produce minitubers using aeroponic technology under green houses and these tubers are used to produce sellable seed tubers in the field. We have procured high end precision equipments, namely GCMSMS, LCMSMS and ICPMS for Research and Development in crop improvement and tissue culture. Four acres of nursery facility for vegetable and papaya is installed with precision automated boom Irrigation system. 2,000 square meter area has been built with temperature control facility for seed germination.

Energy Park

Solar Photovoltaic Module

Potential Induced Degradation (PID) free PV modules: 100% production shifted to PID free PV modules by using PID free solar cells & EVA. Successfully modified Automatic Tabber & Stringers (4 nos.) from 4 bus-bar to 5 bus-bar solar cells as per latest

5 bus-bar solar cell technology. Now both Auto lines have shifted to 5 bus-bar solar cells. The use of 5 bus-bar solar cells reduces resistance loss and improves module efficiency as compared to 4 busbar solar cells. Solder-less machine bended copper bus-bar introduced in PV module in place of manually soldered copper bus-bar, which improves reliability

6 reduces resistive loss occurred due to soldering. Pre-dented Aluminum Frames have replaced regular aluminum frames on bigger modules which reduced corner denting process, manpower & production time.

Solar motor & pump

Vacuum pressure impregnation (VPI) machine for motor core is successfully installed and is being used now. Metal composition detection XRF machine is adopted for incoming material quality control.

C) Research and Development Plastic Park

Pressure compensating Inline Flat Drippers

For the uniform growth of crop, the water flow rate has to be constant as per the desired requirement for the particular crop. However due to undulation in the field, there exists a chance for the increase or decrease in water pressure and hence the water flow. Pressure compensating Inline Flat dripper is developed for use with flat integral drip lines. Its compact design and light weight helps achieve high production rate to match the growing market demands. Thus, the water flow rate is kept same irrespective of the change in water inlet pressure within the given range of pressure compensation. Product is available in flow rates 1.0 LPH, 1.6 LPH and 2.0 LPH.

New MIS components :

Various components of Micro Irrigation systems such as Filter Header Flange 4” Tee, QC SM plus plastic clamp, Turbo Barb Elbow 20 x 1” BSPT threaded, Hydrophonic fodder tray, finger filter male / female threaded fittings, QRC SM Plue Male - Female pump connector, Nursery Pot 12”, Male / female threaded flanges, Super flow filter cap 2” to 3”, plastic filter lock ring etc., were all developed and commercialized during FY 2017 - 18. About 61 new Drip and Sprinkler Irrigation Components were developed and commercial production has started.

Irricare : An Internet of Things based Precision Agriculture Solution

Irricare is an innovative web based precision agriculture solution designed to control and monitor irrigation requirements of large and community farming project.

Major components of Irricare are, - IrriConnect PRO -It is a programmable radio operated remote terminal unit (RRTU). It is a solar operated device which can store pre-programmed schedules. User can also connects different sensors like a soil moisture sensor, pressure sensor, flow sensor etc. Irriconnect PRO operates valves according to predefined schedules. A non-programmable version of IrriConnect is also available.

IrriConnect Master - Irriconnect Master is a master controller which receives commands through the server and it evaluates and transfer those commands to IrriConnect PRO (RRTU).

It communicates with IrriConnect PRO using radio frequency and also communicate with Irricare Global server using GSM.

Irricare Global - This is a heart of Irricare System. It is a software operated through a web based server application. User can access Irricare Global through internet and can view status, upload new schedules.

Features of Irricare

It is a web based system, user can log in from anywhere in the world. It can cover large project area and unlimited users. It can control unlimited valves, pumps etc. It can take inputs from any sensor. No electrical source required to operate the valves. All IrriConnect PRO are solar powered.

Some of the software features of Irricare Global are, Only authorised user can access to his authorised areas for example, a farmer can see only his farm whereas a project supervisor can view entire project area (multiple farms). User gets SMS alerts for his valve opening and closing and the operation schedules. Multiple dashboard, user can view status of his authorised area. Graphs and reports get generated automatically. Global library where user can select sensors or outputs as per his requirement. Event logbooks which logs every events like valve ON/OFF, sensor events etc. Manual override for trouble shooting. User defined rules to control the system. Flexible scheduling, user can make unlimited schedules as per crop or seasonal requirements.

Agri Park & Tissue Culture

A new protocol for banana propagation has been standardised. Pilot scale production of plants using this technology will be undertaken to evaluate the systems further. Breakthrough has been achieved in micro propagation of mango. A path breaking work in deciphering molecular biology of Banana, Pomegranate, Mango and Onion has been published in high impact journals.

Flowering time in banana (Musa spp.), a day neutral plant, is controlled by at least three FLOWERING LOCUS T homologues. Scientific Reports 7, Article number: 5935. doi:10.1038/s41598-017-06118-x.

Characterization of two TERMINAL FLOWER1 homologs PgTFL1 and PgCENa from pomegranate (Punica granatum L.). Tree Physiol.38:772-784. doi: 10.1093/treephys/tpx154.

Roles of Flowering Locus T (FT) and Terminal Flower 1 (TFL1) in flowering of mango. Acta Hort. 1183: 125131. DOI: 10.17660/ActaHortic.2017.1183.17 Characterization of mango Flowering Locus T (FT) and Terminal Flower 1 (TFL1) genes. Acta Hort. 1183:113124 DOI: 10.17660/ActaHortic.2017.1183.16.

Research on onion improvement resulted in identification new CMS lines and study of its molecular biology revealed molecular basis of CMS.

Energy Park

A) Solar Photovoltaic Module

Design & development of high efficiency (16.64%) PV module of power 325 Wp for roof-top power pack systems conducted successfully. Use of High power PV modules in roof-top power packs will reduce the overall system cost & will require less floor area for installation.

Glass to Glass modules: Glass to glass module is most suitable (compared with transparent back sheet) for solar Greenhouse applications where humidity is very high. Prototype module was prepared.

High Efficiency Passivated Emitter and Rear Cell (PERC) PV module: With standard solar cells, highest PV module wattage possible is 325 Wp. PERC is a new technology. Prototype PV module of wattage 355 Wp was made and tested at NABL accredited laboratory.

B) Solar motor & pumps

BLDC submersible motors (Canned type 4’ with mechanical seal design, high efficiency and confirming to NEMA standard have been released for commercial production. The variants released commercially are 5 HP (3.7 kW) with 4,800 Wp Solar PV array, 3HP (2.2 kW) with 3,000 Wp solar PV array, 2HP (1.5 kW) with 1800 Wp solar PV array. These versatile motors are suitable for several geographical conditions and can be adapted to several pump ends as per the farmer’s pumping needs. They can be installed in bore wells, open wells, farm ponds and rivers. The motor has robust mechanical design and mechanical seals gives best life in harsh water conditions. The winding is completely sealed ina special encapsulation material for better heat dissipation and insulation. Following are further taken up for development.

Sr. No.

BLDC submersible motor



Canned type 3- of 1 HP (0.75 kW) with 900 Wp Solar PV array

Being developed for drinking water solar pumping system


Canned type 2- of 2 hp (1.5 kw) with concentric winding

Under development process


Canned type 4- of 10 HP (7.5 kW) with 9,000 Wp Solar PV array

Under development for agricultural solar pumping system

Sr. No.

Other pumps



AC induction submersible motor- Canned type 4- of 5 HP (3.7 kW) with 4800Wp Solar PV array

Being developed for agricultural solar pumping system


Helical pump ends of 1 hp & 2 hp

In prototyping stage and intended for drinking water through solar hand pumping systems


DC submersible solar pump set of 0.1hp

Being developed for domestic use

An aluminum anode for submersible pump is developed and is under field testing. Sand separator with cooling sleeve for submersible pump set is under development and intended to use in sandy water conditions for minimizing the damage to the pump.

C) Solar Photovoltaic Appliances

Development of BLDC solar pump controller of 3.6 kw is completed. Data logger has been amended to include more parameters and has been integrated in Pump controller as a single unit. Development of 7.5 kw BLDC Controller is in progress. Ratings for AC Pump controller of 5kw and 7.5 kw are completed and are released for production.

MPPT Charge controller range enhanced from 15 amps to 20 amps, and work in progress to further enhance it to 25 amps. It is integrated along with Switch Mode Power Supply (SMPS) in a single housing. Present Charge controllers suitable for Led acid batteries are amended to suit Lithium Ferrous phosphate batteries (LiFepo4). LED based Luminaries with more energy efficient LED’s with higher illumination is developed. LED driver and LED Wattages have been increased from 12 watts to 24 watts for applications where higher light intensity is required.

Present LED luminaries are designed to charge lead acid batteries, and work is under progress to convert it to suit Lithium Ferrous phosphate batteries (LiFepo4).

LED tube lights are commercially released for Tissue culture project with different technical parameters such as wavelength with various patterns for best plant growth and minimum electric energy consumption. Different mixture of Red and Blue LED proportions are being tried out and optimum plant growth pattern have been finalized.

36) Foreign Exchange Earnings and Outgo, the details are as under

(Rs. in Million)


C.I.F. Value of Imports,




Expenditure and Earnings of Foreign Currency


C.I.F. Value of Imports Raw Materials, Components and Stores and Spares



Capital Goods







Expenditure in Foreign Currency (on Cash basis)

i) Interest and Finance ) Charges



ii) Discount/ Commission



) on Export Sales

Export Selling/ Market iii) Development/ Project Expenses



iv) Travelling Expenses



) Law & Legal/ Professional ) Consultancy Expenses



i) Testing Quality & other ) Charges







Earnings in Foreign Currency

FOB Value of Exports






37) Acknowledgement

The Directors take this opportunity to place on record their appreciation of whole hearted support received from all stakeholders, customers and the various departments of Central and State Governments, Financial Institutions, Bankers, the Dealers and Suppliers of the Company. The Directors wish to place on record their sense of appreciation for the devoted services of all the associates of the Company.

For Jain Irrigation Systems Ltd.

Sd/- Sd/-

Anil B. Jain Ajit B. Jain

Vice Chairman and Joint Managing

Managing Director Director

Date : 13th August, 2018

Place : Mumbai

Director’s Report