Spentex Industries Limited |
Regd. Off : A-60, OKHLA INDUSTRIAL AREA, PHASE - II, NEW DELHI - 110020. |
| UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED MARCH 31, 2012 |
| |
|
(Rs. in Lacs except EPS) |
|
S.No.
|
|
PARTICULARS |
Quarter ended |
Accounting Year ended |
| 31.03.2012 |
31.12.2011 |
31.03.2011 |
31.03.2012 |
31.03.2011 |
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1 |
a) |
Net Sales/ Income from Operations (Net of excise deuty) |
23,461.04 |
24,992.28 |
29,242.44 |
96,783.82 |
106,029.54 |
| |
b) |
Other Operating Income |
314.09 |
(37.86) |
566.67 |
1,145.41 |
1,125.04 |
| |
|
Total Income (a+b) |
23,775.13 |
24,954.42 |
29,809.11 |
97,929.23 |
107,154.58 |
| 2 |
|
Expenditure: |
|
|
|
|
|
| |
a) |
Consumption of raw materials (including consumption of stores, spares and packing materials) |
15,917.39 |
16,797.95 |
21,586.37 |
66,228.61 |
69,066.45 |
| |
b) |
Purchase of traded goods |
2,167.68 |
2,780.96 |
2,561.32 |
10,027.78 |
7,573.82 |
| |
c) |
(increase) / decrease in stock in trade and work in progress |
(198.08) |
957.24 |
(4,600.30) |
5,342.28 |
(6,626.02) |
| |
d) |
Employees benefits expense |
1,508.75 |
1,657.47 |
1,488.48 |
6,318.37 |
6,035.04 |
| |
e) |
Depreciation and amortisation expense |
778.58 |
836.64 |
848.57 |
3,307.98 |
3,407.83 |
| |
f) |
Power and fuel cost |
2,155.05 |
2,040.37 |
1,977.08 |
7,851.99 |
7,719.60 |
| |
g) |
Other expenditure |
1,420.55 |
1,475.95 |
2,908.94 |
5,667.95 |
8,942.52 |
| |
|
Total |
23,749.92 |
26,546.58 |
26,770.46 |
104,744.96 |
96,119.24 |
| 3 |
|
Profit / (Loss) from Operations before Other Income, Finance Cost & Exceptional Items
(1-2) |
25.21 |
(1,592.16) |
3,038.65 |
(6,815.73) |
11,035.34 |
| 4 |
|
Other Income |
18.82 |
114.66 |
307.00 |
464.02 |
719.43 |
| 5 |
|
Profit / (Loss) before Finance Cost and Execeptional Items (3+4) |
44.03 |
(1,477.50) |
3,345.65 |
(6,351.71) |
11,754.77 |
| 6 |
|
Finance Cost |
1,888.11 |
1,989.83 |
1,986.54 |
8,541.52 |
8,005.25 |
| 7 |
|
Profit / (Loss) after Finance but before Exceptional Items (5-6) |
| (1,844.08)(3,467.33) |
1,359.11 |
(14,893.23) |
3,749.52 |
| 8 |
|
Exceptional Items |
| 836.97
836.99 |
- |
1,673.95 |
- |
| 9 |
|
Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
(2,681.05) |
(4,304.32) |
1,359.11 |
(16,567.18) |
3,749.52 |
| 10 |
|
Tax expense |
368.52 |
- |
- |
368.52 |
- |
| |
|
MAT Credit Entitlement Reversal |
368.52 |
- |
- |
368.52 |
- |
| 11 |
|
Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
(3,049.57) |
(4,304.32) |
1,359.11 |
(16,935.70) |
3,749.52 |
| 12 |
|
Extraordinary Items (net of tax expense) |
| -
- |
- |
- |
- |
| 13 |
|
Net Profit / (Loss) for the period
(11-12) |
(3,049.57) |
(4,304.32) |
1,359.11 |
(16,935.70) |
3,749.52 |
| 14 |
|
Paid up Equity Share Capital (Face Value Rs. 10/-each) |
8,327.20 |
8,327.20 |
8,132.20 |
8,327.20 |
8,132.20 |
| 15 |
|
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
| -
- |
- |
- |
2,273.49 |
| 16 |
|
Earning Per Share (EPS) (not annualized) (Rs.)
|
|
|
|
|
|
| |
a)
|
Basic EPS before Extraordinary items for the period and for the previous year |
| (3.67)
| (5.19)
| 1.77
| (20.40)
| 4.87
| |
|
Diluted EPS before Extraordinary items for the period and for the previous year |
| (3.67)
| (5.19)
| 1.76
| (20.40)
| 4.85
| |
b) |
Basic EPS after Extraordinary items for the period and for the previous year |
| (3.67)
| (5.19)
| 1.77
| (20.40)
| 4.87
| |
|
Diluted EPS after Extraordinary items for the period and for the previous year |
| (3.67)
| (5.19)
| 1.76
| (20.40)
| 4.85
| 17 |
|
Public Shareholding |
|
|
|
|
|
|
|
Number of Shares |
39,441,475 |
39,441,475 |
39,441,475 |
39,441,475 |
39,441,475 |
|
|
Percentage of Shareholding |
47.36% |
47.36% |
48.50% |
47.36% |
48.50% |
| 18 |
|
Promoters and promoter group Shareholding |
|
|
|
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
|
|
|
-Number of Shares |
43,830,558 |
43,830,558 |
38,133,558 |
43,830,558 |
38,133,558 |
|
|
-Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
91.05% |
100.00% |
91.05% |
|
|
-Percentage of Shares (as a % of the total share capital of the Company) |
52.64% |
52.64% |
46.89% |
52.64% |
46.89% |
|
|
b)
Non- Encumbered |
|
|
|
|
|
|
|
-Number of Shares |
2 |
2 |
3,747.002 |
2 |
3,747,002 |
|
|
-Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
0.00% |
0.00% |
8.95% |
0.00% |
8.95% |
|
|
-Percentage of Shares (as a % of the total share capital of the Company) |
0.00% |
0.00% |
4.61% |
0.00% |
4.61% |
|
| 1 |
|
'The above Unaudited Standalone Financial Results have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting held on May 14, 2012. |
| 2 |
|
'The Statutory Auditors have carried out a "Limited Review" of the Unaudited Standalone Financial Results of the Company for the quarter and period ended March 31, 2012. |
| 3 |
|
'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 |
|
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. 4736.99 lacs (Previous quarter Rs. 4,926.01 lacs) in Amit Spinning Industries Limited (ASIL). subsidiary of the Company. ASIL had registered losses during the qurter/year 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. ASIL, will be able to make good its losses in a foreseeable period of time which will also place this subsidiary in a position to repay the liabilities in due course and hence no adjustment is required in the books of accounts. |
| 5 |
|
Foreign step-down subsidiary of the Company, have registered operational losses during the qurter/year(s) due to economic slow down. The Company believes that 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. 3,979.78 lacs (Previous quarter Rs. 3,279.65 lacs) are due from them. These matters have been qualified in the statutory auditor's limited review report for the quarter ended March 31, 2012. |
| 6 |
|
As on March 31, 2012 accumulated losses of the Company exceeds its net worth. In the opinion of the management, the Company's operations are affected by overall market condition. The overall industry outlook and economy has improved which has positively 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 eartning cash profit in foreseeable future. Accordingly, these financial results have been prepared on a going concern basis on the strenght of managment's plan of revival including reorganisation of bussiness and restructing of loan facility by the tenders. |
| 7 |
|
Exceptional items represent provision for settlement of cotton purchase contracts. |
| 8 |
|
'There were no investor complaints pending at the beginning of the quarter, 5 complaints were received during the quarter and properly redressed and there were no complaints pending at the end of the quarter. |
| 9 |
|
'Previous period figures have been regrouped / recasted / rearrranged wherever necessary, to conform to the current period's presentation. |
| |
|
| BY ORDER OF THE BOARD OF DIRECTORS, |
| For SPENTEX INDUSTRIES LIMITED, |
|
| |
|
| MUKUND CHOUDHARY |
| MANAGING DIRECTOR |
|
| Place : New Delhi |
| Date : May 14, 2012 |
|
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|
