Spentex Industries Limited
Regd. Off : A-60, OKHLA INDUSTRIAL AREA, PHASE - II, NEW DELHI - 110020.
 
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013.
  PART I           ( Rs. in Lacs Except EPS)
S.No.   PARTICULARS
Quarter ended
Year ended
31.03.2013 31.12.2012 31.03.2012 31.03.2013 31.03.2012
Audited Unaudited Audited Audited
1 a) Net Sales/ Income from Operations (Net of excise duty) 26,927.16 28,264.98 23,461.04 112,966.29 96,783.82
  b) Other Operating Income 796.60 701.14 257.60 1,962.18 1,088.92
    Total Income (a+b) 27,723.77 28,966.12 23,718.64 114,928.48 97,872.74
2   Expenditure            
  a) Consumption of raw materials (including consumption of stores, spares and packing materials) 19,955.31 18,765.58 15,937.15 76,824.81 66,248.37
  b) Purchase of traded goods 368.13 118.96 2,107.43 2,558.17 9,594.64
  c) Changes in inventories of finished goods, work in progress and stock in trade (3,101.94) 507.36 (158.00) (3,340.62) 5,755.26
  d) Employees benefits expenses 1,763.67 1,754.12 1,508.75 7,013.02 6,318.37
  e) Depreciation and amortisation expenses 552.14 627.65 778.58 2,619.50 3,307.98
  f) Power and fuel cost 2,581.49 2,716.61 2,155.05 10,334.03 7,851.99
  g) Other expenditure 2,523.99 2,176.45 1,442.74 9,027.98 5,690.13
    Total Expenses 24,642.80 26,666.73 23,771.71 105,036.90 104,766.74
3   Profit / (Loss) from Operations before Other Income, Finance Cost, Prior Period & Exceptional Items (1-2) 3,080.97 2,299.39 (53.07) 9,891.58 (6,894.00)
4   Other Income 24.83 31.40 6.59 112.31 451.79
5   Profit / (Loss) before Finance Cost, Prior Period & Execeptional Items (3+4) 3,105.80 2,330.79 (46.48) 10,003.89 (6,442.21)
6   Finance Cost 1,751.12 1,819.10 1,888.11 7,680.51 8,541.52
7   Profit / (Loss) after Finance Cost but before Prior Period & Execeptional Items (5-6) 1,354.68 511.69 (1,934.59) 2,323.38 (14,983.73)
8   Prior Period Items (Net of Income) 265,14 - - 265.14 -
9   Profit / (Loss) after Finance Cost & Prior period items but before Exceptional Items (7-8) 1,089.54 511.69 (1,934.59) 2,058.24 (14,983.73)
10   Exceptional Items - - 4,021.67 - 4,858.66
11   Profit / (Loss) from Ordinary Activities before tax (9-8) 1,089.54 511.69 (5,956.26) 2,058.24 (19,842.39)
12   Tax expense     302.75   302.75
    MAT Credit Entitlement Reversal - - 368.52 - 368.52
    Income Tax of earlier year written back - - (65.77) - (65.77)
13   Net Profit / (Loss) from Ordinary Activities after tax (11-12) 1,089.54 511.69 (6,259.01) 2,058.24 (20,145.14)
14   Extraordinary Items (net of tax expense) -- - - -
15   Net Profit / (Loss) for the period (13-14) 1,089.54 511.69 (6,259.01) 2,058.24 (20,145.14)
16   Paid up Equity Share Capital (Face Value Rs. 10/-each) 8,837.20 8,837.20 8,327.20 8,837.20 8,327.20
17   Reserves excluding Revaluation Reserves as per balance sheet of previous year -   - - (14,200.18) (16,258.42)
18   Earning Per Share (EPS) (not annualized) (Rs.)
             
  a)


Basic EPS before Extraordinary items for the period and for the previous year 1.24 0.60 (7.54) 2.34 (24.25)
  Dilutedc EPS before Extraordinary items for the period and for the previous year 1.24 0.60 (7.54) 2.34 (24.25)
  b)


Basic EPS after Extraordinary items for the period and for the previous year 1.24 0.60 (7.54) 2.34 (24.25)
    Diluted EPS after Extraordinary items for the period and for the previous year 1.24 0.60 (7.54) 2.34 (24.25)

PART II A. PARTICULARS OF SHAREHOLDING

1   Public Shareholding                
    Number of Shares 39,441,475 39,441,475 39,441,475 39,441,475 39,441,475
  Percentage of Shareholding 44.63% 44.63% 47.36% 44.63% 47.36%
2   Promoters and promoter group Shareholding          
    a) Pledged / Encumbered          
    -Number of Shares 43,823,058 38,723,058 43,830,558 43,823,058 43,830,558
    -Percentage of Shares (as a% of the total shareholding of promoter and promoter group) 89.56% 79.14% 100.00% 89.56% 100.00%
    -Percentage of Shares (as a % of the total share capital of the Company) 49.59% 43.82% 52.64% 49.59% 52.64%
  b)   Non- Encumbered          
    -Number of Shares 5,107,502 10,207,502 2 5,107,502 2
    -Percentage of Shares (as a% of the total shareholding of promoter / promoter group) 10.44% 20.86% 0.00% 10.44% 0.00%
    -Percentage of Shares (as a % of the total share capital of the Company) 5.78% 11.55% 0.00% 5.78% 0.00%

B. INVESTOR COMPLAINTS

Pending at the begining of the quarter

Nil

Received during the quarter

1

Disposed of during the quarter

1

Remaining unresolved at the end of the quarter

Nil

 

1  
The above Financial Results have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting held on 29th May, 2013.
2  
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.
3  

The Auditors, in their Audit report have mentioned regarding diminution in the value of company's long term Investment of Rs. 2,044.70 lacs and recoverability of Rs. 4,710.71 lacs ( Previous quarter Rs. 4,773.60 lacs) in Amit Spinning Industries Limited (ASIL), subsidiary of the Company. Due to economic slow down, ASIL had registered losses during the year as well as earlier financial years and eroded its net worth . 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 liablilities in due course and hence no adjustment is required in the books of accounts.

4  

As on March 31, 2012, the accumulated losses of the Company have exceeded its net worth. Accordingly company in compliance with the provisions of section 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 filed a reference with Board for Industrial and Financial Restructuring (BIFR). The Company’s operations were adversely affected in 2011-12 due to adverse Govt policies and high volatility of Raw Material prices. Further, considering the change in scenario, recent performance and trends of the company as well as overall industry outlook,the management believes that losses incurred in the past would reasonably be made good, in due course. The financial statements, as such have been prepared on a going concern basis on the strength of management’s plan of revival including reorganization of business.

5  

The Company has an investment of Rs 5,610.11 Lacs and Rs. 93.24 Lacs in its subsidiary Spentex Netherlands B. V. (SNBV) and its step down subsidiary Spentex Taskent Toytepa LLC (STTL) respectively. Further it has Rs. 700.12 Lacs as export receivable from STTL and advances of Rs. 950.71 Lacs in SNBV as on March 31, 2013. During the period of investment Government of Uzbekistan changed certain laws and policies by breaching the investment agreement and rendered operation of STTL unviable. Since treaties entered between the Government of India and Uzbekistan and the Investment agreement entered between Govt. of Uzbekistan and Spentex were breached, company has issued notice claiming protection of investment and payment of dues & compensation for the losses suffered by the company. Company has since been making all possible efforts to settle the same amicably with the Govt. of Uzbk., failing which arbitration proceeding would be initiated by the company to recover its Investment and claims. In view of legal opinion and claim lodged with Govt. of Uzbk., the Directors have decided not to make any provision for diminution in value of investment at this stage.

6  
The figures for the quarter ended March 31, 2013 and for the corresponding quarter ended March 31, 2012 are the balancing figures between audted figures in respect of the full financial year and the published year to date figures upto the third quarter of the respecctive financial year ending on March 31.
7  

Previous period figures have been regrouped / recasted / rearranged wherever necessary, to conform to the current period presentation.

   
BY ORDER OF THE BOARD OF DIRECTORS,
For SPENTEX INDUSTRIES LIMITED
 
MUKUND CHOUDHARY
MANAGING DIRECTOR
Place :  New Delhi
Date :  May 29, 2013

 

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