Spentex Industries Limited
Regd. Off : A-60, OKHLA INDUSTRIAL
AREA, PHASE - II, NEW DELHI - 110020
CONSOLIDATED UNAUDITED
FINANCIAL RESULTS OF SPENTEX INDUSTRIES LIMITED
AND ITS SUBSIDIARIES
FOR THE QUARTER
ENDED SEPTEMBER 30, 2007
|
|
| ( Rs. in Lacs) |
| |
|
|
3
months ended
(30/09/2007) |
Corresponding
3 months ended in the previous year
(30/09/2006) |
Year to date figures for the current period
ended
(30/09/2007) |
Year to date figures for the previous period
ended
(30/09/2006) |
Previous accounting year ended
(31/03/2007) |
| |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1 |
|
Net
Sales/ Income from Operations |
34,901.94
|
18,958.70 |
62,282.63 |
30,501.49 |
91,212.12 |
| 2 |
|
Other
Income |
1,277.80 |
601.72 |
2,408.38 |
785.54 |
3,102.61 |
| 3 |
|
Total
Income (1+2) |
36,179.74 |
19,560.42 |
64,691.01 |
31,287.03 |
94,314.73 |
| 4 |
|
Expenditure
: |
|
|
|
|
|
| |
a) |
(Increase)
/ Decrease in stock in trade and work in progress |
(1,684.87) |
(2,434.92) |
(2,126.60) |
(3,173.16) |
(3,607.23) |
| |
b) |
Consumption
of Raw Materials, Spare Parts, Stores and Packing Materials |
22,993.07 |
10,713.65 |
39,711.70 |
15,258.11 |
51,656.76 |
| |
c) |
Purchase
of Traded Goods |
196.81 |
3,193.86 |
1,124.38 |
7,341.56 |
12,192.77 |
| |
d) |
Excise
Duty |
40.09 |
72.23 |
50.16 |
95.26 |
27.78 |
| |
e) |
Employees
Cost |
3,374.58 |
1,418.69 |
5,363.70 |
2,046.50 |
5,982.65 |
| |
f) |
Power
and Fuel Cost |
3,313.01 |
1,869.43 |
5,959.31 |
2,846.19 |
8,202.28 |
| |
g) |
Other
Expenditure |
3,894.73 |
1,898.65 |
6,770.53 |
2,930.59 |
8,502.63 |
| |
|
Total
Expenditure |
32,127.42 |
16,731.59 |
56,853.18 |
27,345.05 |
82,957.64 |
| 5 |
|
Profit(+)
from Ordinary Activities before depreciation, interest and tax
(3)-(4) |
4,052.32 |
2,828.83 |
7,837.83 |
3,941.98 |
11,357.09 |
| 6 |
|
Depreciation
/ Amortisation |
1,952.07 |
967.28 |
3,668.88 |
1,375.63 |
5,403.49 |
| 7 |
|
Interest |
2,449.24 |
1,196.77 |
4,265.02 |
1,806.41 |
4,973.55 |
| 8 |
|
Exceptional
Items |
|
|
|
|
|
| 8 |
|
Profit
(+)/Loss(-) from Ordinary Activities before tax & Prior
Period Adjustment
(5)-(6+7) |
(348.99) |
664.78 |
(96.07) |
759.94 |
980.05 |
| 9 |
|
Prior
Period Adjustment |
- |
- |
- |
- |
70.98 |
| 10 |
|
Profit
(+)/Loss(-) from Ordinary Activities before tax (8)-(9) |
(348.99) |
664.78 |
(96.07) |
759.94 |
1,051.03 |
| 11 |
|
Tax
expense |
|
|
|
|
|
| |
|
Current
Tax |
- |
11.90 |
- |
11.90 |
69.70 |
| |
|
Deferred
Tax (net) |
(338.61) |
341.12 |
(392.53) |
502.08 |
(476.72) |
| |
|
Fringe
Benefit Tax |
13.75 |
6.34 |
24.26 |
11.76 |
41.36 |
| |
|
|
|
|
|
|
|
| 12 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax but before
Minority Interest (10-11) |
(24.13) |
305.42 |
272.20 |
234.20 |
1,416.69 |
| 13 |
|
Minority
Interest |
(71.96) |
116.96 |
(98.35) |
144.77 |
158.25 |
| 14 |
|
Share
of Net Profit/(Loss) of Associate |
- |
11.86 |
- |
(5.80) |
- |
| 15 |
|
Net
Profit (+) for the period (12)-(13+14) |
47.83 |
200.32 |
370.55 |
83.63 |
1,258.44 |
| 16 |
|
Paid
up Equity Share Capital (Face Value Rs. 10/- each) |
7,147.20 |
6,670.92 |
7,147.20 |
6,670.92 |
7,119.70 |
| 17 |
|
Reserves
excluding Capital and Revaluation Reserves as per balance sheet
of previous accounting year |
|
|
|
|
11,268.87 |
| 18 |
|
Earning
Per Share (Not Annualised)
(Rs.) |
|
|
|
|
|
| |
|
Basic
EPS |
0.07 |
0.33 |
0.52 |
0.14 |
1.86 |
| |
|
Diluted
EPS |
0.07 |
0.33 |
0.52 |
0.14 |
1.85 |
| 19 |
|
Public
Shareholding |
|
|
|
|
|
| |
|
Number
of Shares |
40,569,103 |
36,168,307 |
40,569,103 |
36,168,307 |
40,590,433 |
| |
|
Percentage
of Shareholding |
56.76% |
54.22% |
56.76% |
54.22% |
57.01% |
| |
|
|
|
|
|
|
|
|
1 |
The
above results for the quarter ended September 30, 2007
were taken on record at the meeting of the Board of
Directors held on October 31, 2007. The auditors of
the Company have carried out a limited review of these
unaudited results. |
| 2 |
Accounting
Standard 15 (Revised 2005) on 'Employee benefits' issued
by the Institute of Chartered Accountants of India is
applicable to the Company with effect from April 1, 2007.
The Company has provided for its liabilities on employee
benefits based on its best estimates. As required under
the standard, the Company is in the process of aggregating
necessary information required to estimate the short
term compensated absences. Accordingly, this standard
will be adopted by the year end. Management does not
expect the impact to be material as and when the standard
is adopted. |
| 3 |
In
accordance with the Accounting Standard 17 on Segment
Reporting issued by The Institute of Chartered Accountants
of India,
the Company has
identified three Business Segments viz., Textile Manufacturing
, Textile Trading and Other Trading. Accordingly, Segment
disclosure has been done. |
| 4 |
Sales
Tax Exemption for the Butibori unit of the Company had
expired on December 31, 2005. The Company has applied
for an extension of 3 years w.e.f. January 1, 2006 to
the Development Commissioner (Industries), Government
of Maharashtra and also filed a petition before the
Hon’ble High Court, Nagpur to grant relief on the said
matter. Based on the legal opinion obtained, the
Company has accrued VAT receivable amounting to Rs.
356.01 lacs for the period January 1, 2006 to September
30, 2007.On the basis that the sale tax exemption
will be extended for a further period of 3 years w.e.f.
January 1, 2006, Company has not made provision for
sales tax (including interest) amounting to Rs.
777.75 lacs payable on sales made during the above period
including Rs. 134.11 lacs for the quarter and Rs. 225.31
lacs for half year ended September 30, 2007. This matter
has been qualified in the auditor's review report for
the quarter ended September 30, 2007. The management
is hopeful of obtaining the exemption. |
| 5 |
There
were no investor complaints pending at the beginning
of the quarter, 32 complaints were received during the
quarter and properly redressed and there were
no complaints pending at the end of the quarter. |
| 6 |
Net
Sales / Income from Operations include:
i) income earned on 'Contract manufacturing' carried
out for Bombay Dying and Manufacturing Company ('BDMC')
amounting to Rs. 609.46 lacs for the quarter and Rs.
1,092.03 lacs for the half year ended September 30,
2007 (corresponding previous quarter Rs. 280.75 lacs
and Rs. 418.94 lacs for the half year then ended)
ii) Duty
drawback amounting to Rs. 236.18 lacs for the quarter
and Rs. 338.28 lacs for the half year ended September
30, 2007 (corresponding previous quarter Rs. 58.79 lacs
and Rs. 97.95 lacs for the half year then ended) |
| 7 |
During
the quarter ended September 30, 2007, the Company through
its subsidiaries in the Netherlands and Germany, acquired
Schoeller Litvinov, k.s., a textile manufacturing entity
in the Czech Republic. |
| 8 |
Consolidated
figures for the corresponding quarter and half year
ended September 30, 2006 include results of Indo Rama
Textiles Limited as a subsidiary which has been amalgamated
with the Company vide order of the High Court of Delhi
dated December 20, 2006. These periods do not include
results of Schoeller Litvinov, k.s.
Accordingly, these results are not comparable
with the current periods. The auditor has not performed
a limited review of the consolidated results for the
quarter and half year ended September 30, 2006. |
| 9 |
The
Standalone financial results of the Company for the
quarter and half year ended September 30, 2007 will
be available on the Company's Website and on the Website
of BSE and NSE. |
| 10 |
Previous
period figures have been regrouped 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 : October 31, 2007 |
|
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