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, 2008
|
|
| ( Rs. in Lacs) |
| |
|
Particulars |
3
months ended
(30/09/2008) |
Corresponding
3 months ended in the previous year
(30/09/2007) |
Year to date figures for current period ended
(30/09/2008) |
Year to date figures for the previous period ended
(30/09/2007) |
Previous accounting year ended
(31/03/2008) |
| S.No. |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
1 |
a) |
Net Sales/ Income from Operations |
34,442.96 |
34,935.82 |
70,163.15 |
62,333.72 |
135,546.80 |
|
b) |
Other Operating Income |
197.56 |
1,222.17 |
1,119.96 |
2,083.07 |
4,441.34 |
| |
|
Total Income (a+b) |
34,640.52 |
36,157.99 |
71,283.11 |
64,416.79 |
139,988.14 |
2 |
|
Expenditure |
|
|
|
|
|
|
a) |
(Increase) / decrease in stock in trade and work in progress |
1,144.31 |
(1,644.78) |
1,217.20 |
(2,076.44) |
(5,964.06) |
|
b) |
Consumption of raw materials (including consumption of stores, spares and packing materials) |
23,383.90 |
22,993.07 |
47,016.33 |
39,711.70 |
87,013.46 |
|
c) |
Purchase of traded goods |
850.12 |
196.81 |
1,238.32 |
1,124.38 |
4,297.15 |
|
d) |
Employees cost |
3,777.29 |
3,374.58 |
7,653.07 |
5,363.70 |
14,019.56 |
|
e) |
Depreciation (including amortisation) |
1,957.58 |
1,952.07 |
3,922.28 |
3,668.88 |
7,455.33 |
|
f) |
Power and fuel cost |
2,871.27 |
3,313.01 |
5,781.54 |
5,959.31 |
13,033.95 |
|
g) |
Other expenditure |
5,692.07 |
3,894.73 |
9,960.58 |
6,770.53 |
17,189.85 |
|
|
Total |
39,676.54 |
34,079.49 |
76,789.32 |
60,522.06 |
137,045.24 |
3 |
|
Profit / (Loss) from Operations before Other Income, Interest & Exceptional Items (1-2) |
(5,036.02) |
2,078.50 |
(5,506.21) |
3,894.73 |
2,942.90 |
4 |
|
Other Income |
145.90 |
21.75 |
868.51 |
274.22 |
2,920.93 |
5
|
|
Profit / (Loss) before Interest & Exceptional Items (3+4) |
(4,890.12) |
2,100.25 |
(4,637.70) |
4,168.95 |
5,863.83 |
|
6 |
|
Interest |
2,360.65 |
2,449.24 |
4,830.05 |
4,265.02 |
9,328.68 |
7 |
|
Profit / (Loss) after Interest but before Exceptional Items (5-6) |
(7,250.77) |
(348.99) |
(9,467.75) |
(96.07) |
(3,464.85) |
8 |
|
Exceptional Items |
- |
- |
- |
- |
- |
9 |
|
Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
(7,250.77) |
(348.99) |
(9,467.75) |
(96.07) |
(3,464.85) |
10 |
|
Tax expense |
|
|
29.82 |
(368.27) |
|
11 |
|
Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
(7,271.79) |
(24.13) |
(9,497.75) |
272.20 |
( 2,361.75 ) |
12 |
|
Extraodinary Items (net of tax expenses) |
- |
- |
- |
- |
- |
| 13 |
|
Net Profit / (Loss) after tax but before minority interest (11-12) |
(7,271.79) |
(24.13) |
(9,497.75) |
272.20 |
(2,361.75) |
| 14 |
|
Minority Interest |
(182.87) |
(71.96) |
(325.49) |
(98.35) |
(187.38) |
| 15 |
|
Net Profit / (Loss) for the period (13-14) |
(7,088.92) |
47.83 |
(9,172.08) |
370.55 |
( 2,174.37) |
| 16 |
|
Paid up Equity Share Capital (Face Value Rs. 10/- each) |
7,147.20 |
7,147.20 |
7,147.20 |
7,147.20 |
7,147.20 |
| |
|
| Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
- |
- |
- |
- |
8,169.74 |
18 |
|
Earning Per Share (EPS) (not annualized) (Rs.) |
|
|
|
|
|
| |
a) |
Basic EPS before Extraordinary items for the period, for the year to date and for the previous year |
(9.92) |
0.07 |
(12.83) |
0.52 |
(3.04) |
| |
|
Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year |
(9.92) |
0.07 |
(12.83) |
0.52 |
(3.04) |
| |
b) |
Basic EPS after Extraordinary items for the period, for the year to date and for the previous year| |
(9.92) |
0.07 |
(12.83) |
0.52 |
(3.04) |
| |
|
Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year |
(9.92) |
0.07 |
(12.83) |
0.52 |
(3.04) |
19 |
|
Public Shareholding |
|
|
|
|
|
| |
|
Number of Shares |
39,569,103 |
40,569,103 |
39,569,103 |
40,569,103 |
39,569,103 |
| |
|
Percentage of Shareholding |
55.36% |
56.76% |
55.36% |
56.76% |
55.36% |
|
1 |
The above results for the quarter ended September 30, 2008 were taken on record at the meeting of the Board of Directors held on October 31, 2008. The auditors of the Company have carried out a limited review of these unaudited results. |
|
| 2 |
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. |
|
3 |
During the quarter, the Company has approached its bankers to re-negotiate the terms of its working capital and the term loan facilities including reduction in interest rates and reschedulement of debt repayment installments. In this regard, formal approval with respect to the revised terms is awaited. |
| 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. Further, in case the unit fails to get the exemption from authorities, an amount of Rs.1084.71 lacs (including interest) will be payable for the above period including Rs. 81.81 lacs and Rs. 169.55 lacs for the quarter and half year ended September 30, 2008, which has not been provided in the books. Pending approval of such extension, the Company has accrued VAT receivable amounting to Rs. 796.30 lacs for the period January 1, 2006 to September 30, 2008 on the basis that the sale tax exemption will be extended for a further period of 3 years w.e.f. January 1, 2006.This matter has been qualified in the auditor's review report for the quarter ended September 30, 2008. The management is hopeful of obtaining the exemption. |
|
| 5 |
'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. |
|
| 6 |
Consolidated figures for the corresponding previous Half year ended September 30, 2007 include results of Schoeller Litvinov, k.s. and its related entities with effect from July 1, 2007and accordingly, are not comparable with the half year ended September 30,2008. |
|
7 |
During the quarter ended September 30, 2008, the Company, on consolidated basis, has incurred loss on restatement of foreign currency loans amounting to Rs. 1,295.36 lacs included above in 'Other expenditure' ( Rs. 286.53 lacs gain for Corresponding previous quarter included above in 'Other Operating Income'.) |
| 8 |
The Standalone financial results of the Company for the quarter ended September 30, 2008 will be available on the Company's Website and on the Website of BSE and NSE. |
|
| 9 |
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.
Sd/-
MUKUND CHOUDHARY
MANAGING DIRECTOR
Place : New Delhi
Date : October 31, 2008 |
|
|
