Spentex Industries Limited |
Regd. Off : A-60, OKHLA INDUSTRIAL AREA, PHASE - II, NEW DELHI - 110020. |
| UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTH ENDED DECEMBER 31, 2011 |
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( Rs. in Lacs Except EPS) |
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S.No.
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PARTICULARS |
Quarter ended on
|
Nine Months ended on
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Year ended on
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| 31.12.2011 |
30.09.2011 |
31.12.2010 |
31.12.2011 |
31.12.2010 |
31.03.2011 |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1 |
a) |
Net Sales/ Income from Operations |
24,992.28 |
26,540.36 |
29,702.90 |
73,322.78 |
76,787.10 |
106,029.54 |
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b) |
Other Operating Income |
(37.86) |
525.77 |
377.89 |
831.32 |
558.37 |
1,125.04 |
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Total Income (a+b) |
24,954.42 |
27,066.13 |
30,080.79 |
74,154.10 |
77,345.47 |
107,154.58 |
| 2 |
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Expenditure |
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a) |
(Increase) / decrease in stock in trade and work in progress |
957.24 |
6,362.86 |
(730.86) |
5,540.36 |
(2,025.72) |
(6,626.02) |
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b) |
Consumption of raw materials (including consumption of stores, spares and packing materials) |
16,797.95 |
16,514.10 |
18,182.64 |
50,311.22 |
47,480.08 |
69,066.45 |
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c) |
Purchase of traded goods |
2,780.96 |
2,656.48 |
2,430.74 |
7,860.10 |
5,012.50 |
7,573.82 |
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d) |
Employees cost |
1,657.47 |
1,573.49 |
1,557.33 |
4,809.62 |
4,546.56 |
6,035.04 |
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e) |
Depreciation (including amortisation) |
836.64 |
849.43 |
850.20 |
2,529.40 |
2,559.26 |
3,407.83 |
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f) |
Power and fuel cost |
2,040.37 |
1,823.93 |
2,014.71 |
5,696.94 |
5,742.52 |
7,719.60 |
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g) |
Other expenditure |
2,312.94 |
1,410.15 |
2,523.56 |
5,084.38 |
6,033.58 |
8,942.52 |
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Total |
27,383.56 |
31,190.44 |
26,828.32 |
81,832.02 |
69,348.78 |
96,119.24 |
| 3 |
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Profit / (Loss) from Operations before Other Income, Interest & Exceptional Items
(1-2) |
(2,429.14) |
(4,124.31) |
3,252.47 |
(7,677.92) |
7,996.69 |
11,035.34 |
| 4 |
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Other Income |
114.66 |
187.95 |
103.17 |
445.20 |
412.43 |
719.43 |
| 5 |
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Profit / (Loss) before interest and Execeptional Items (3+4) |
(2,314.48) |
(3,936.36) |
3,355.64 |
(7,232.71) |
8,409.12 |
11,754.77 |
| 6 |
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Interest |
1,989.83 |
2,409.69 |
2,668.02 |
6,653.41 |
6,018.71 |
8,005.25 |
| 7 |
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Profit / (Loss) after Interest but before Exceptional Items (5-6) |
(4,304.31) |
(6,346.05) |
1,087.62 |
(13,886.13) |
2,390.41 |
3,749.52 |
| 8 |
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Exceptional Items |
- |
- |
- |
- |
- |
- |
| 9 |
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Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
(4,304.31) |
(6,346.05) |
1,087.62 |
(13,886.13) |
2,390.41 |
3,749.52 |
| 10 |
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Tax expense |
- |
- |
- |
- |
- |
- |
| 11 |
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Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
(4,304.31) |
(6,346.05) |
1,087.62 |
(13,886.13) |
2,390.41 |
3,749.52 |
| 12 |
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Extraordinary Items (net of tax expense) |
- | - |
- |
- |
- |
- |
| 13 |
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Net Profit / (Loss) for the period
(11-12) |
(4,304.31) |
(6,346.05) |
1,087.62 |
(13,886.13) |
2,390.41 |
3,749.52 |
| 14 |
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Paid up Equity Share Capital (Face Value Rs. 10/-each) |
8,327.20 |
8,327.20 |
7,757.50 |
8,327.20 |
7,757.50 |
8,132.20 |
| 15 |
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Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
| -
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- |
- |
2,273.49 |
| 16 |
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Earning Per Share (EPS) (not annualized) (Rs.)
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a)
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Basic EPS before Extraordinary items for the period and for the previous year |
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(5.19)
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(7.71)
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1.44
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(16.74)
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3.16 | 4.87
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Dilutedc EPS before Extraordinary items for the period and for the previous year |
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(5.19)
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(7.71)
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1.44
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(16.74)
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3.16 | 4.85
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b)
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Basic EPS after Extraordinary items for the period and for the previous year |
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(5.19)
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(7.71)
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1.44
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(16.74)
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3.16 | 4.87
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Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year |
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(5.19)
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(7.71)
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1.44
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(16.74)
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3.16 | 4.85
| 17 |
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Public Shareholding |
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Number of Shares |
39,441,475 |
39,441,475 |
39,441,475 |
39,441,475 |
39,441,475 |
39,441,475 |
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Percentage of Shareholding |
47.36% |
47.36% |
50.84% |
47.36% |
50.84% |
48.50% |
| 18 |
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Promoters and promoter group Shareholding |
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a)
Pledged / Encumbered |
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-Number of Shares |
43,830,558 |
43,830,558 |
38,133,558 |
43,830,558 |
38,133,558 |
38,133,558 |
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-Percentage of Shares (as a% of the total shareholding of promoter / promoter group) |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
91.05% |
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-Percentage of Shares (as a % of the total share capital of the Company) |
52.64% |
52.64% |
49.16% |
52.64% |
49.16% |
46.89% |
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b)
Non- Encumbered |
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-Number of Shares |
2 |
2 |
2 |
2 |
2 |
3,747,002 |
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-Percentage of Shares (as a% of the total shareholding of promoter / promoter group) |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
8.95% |
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-Percentage of Shares (as a % of the total share capital of the Company) |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
4.61% |
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| 1 |
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The above Unaudited Standalone Financial Results for the quarter and period ended December 31, 2011 have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting held on February 13, 2012.
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| 2 |
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The Statutory Auditors have carried out a "Limited Review" of the Unaudited Standalone Financial Results of the Company for the quarter and period ended December 31, 2011.
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| 3 |
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In accordance with Accounting Standard 17 on Segment Reporting notified under section 211(3C) of the Companies Act, 1956, the Company has identified two Business Segments viz., Textile Manufacturing and Textile Trading. Accordingly, segment disclosure has been done. |
| 4 |
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During the quarter, the Company has approached its bankers to re-negotiate the term of its working capital and the term loan facilities including reduction in interest rate and reschedulement of debts repayments installments. In this regard, formal approval with respect to the revised term is awaited. |
| 5 |
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The Auditor, in their limited review report have mentioned regarding diminution in the value of company’s long term investment of Rs. 2044.70 lacs and recoverability of Rs. 4926.01 lacs (Previous quarter Rs.5448.71 lacs) in Amit Spinning Industries Limited (ASIL), subsidiary of the Company. ASIL had registered losses during the period and earlier financial years and eroded its net worth due to economic slow down. The Company believes that the diminution in value of said investment is temporary in nature and considering improvement in the global textile market, will turn around ASIL, so as to make good its losses in a foreseeable period of time and will also place this subsidiary in a position to repay the liabilities in due course and does not require any adjustment. |
| 6 |
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A foreign step-down subsidiary of the Company (Schoeller litinov k.s), had registered operational losses during the earlier year due to economic slow down. This step down subsidiary had submitted a re-organization plan seeking deferment of payment to Secured creditors and proportionate waiver of unsecured liabilities which has been approved by the court. The Company believes that the reorganization plan, considering improvement in the global textile market, will turn around this subsidiary, so as to make good its losses in a foreseeable period of time and will also place this subsidiary in a position to repay the liabilities in due course. Accounts and other receivable amounting Rs. 3,279.65 lacs (previous quarter Rs. 3,279.65 lacs) is due from it. This have been qualified in the statutory auditor's limited review report for the quarter/nine months ended December 31, 2011.
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| 7 |
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As on December 31, 2011 accumulated losses of the Company exceeds its net worth. In the opinion of the managment, the Company's operations are affected by overall market condition. The overall industry outlook and economy has improved which has possitively impacted the performance of the Company, based on which, management believes that losses incurred in past would be made good and the Company would start earrning cash profit in foreseeable future. Accordingly, these financial result have been prepared on a going concern basis on the strength of management's plan of revival including reorgnisation of business and restruting of loan facility by the tenders. |
| 8 |
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There were no investor complaints pending at the beginning of the quarter, 1 complaints were received during the quarter and property redressed and there were no complaints pending at the end of the quarter. |
| 9 |
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Previous period figures have been regrouped / recasted / rearranged wherever necessary, to conform to the current period's presentation. |
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| BY ORDER OF THE BOARD OF DIRECTORS, |
| For SPENTEX INDUSTRIES LIMITED |
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| MUKUND CHOUDHARY |
| MANAGING DIRECTOR |
| Place : New Delhi |
| Date : February 13, 2012 |
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