Spentex Industries Limited |
Regd. Off : A-60, OKHLA INDUSTRIAL AREA, PHASE - II, NEW DELHI - 110020. |
| UNAUDITED FINANCIAL RESULTS |
FOR THE QUARTER ENDED DECEMBER 31, 2008 |
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( Rs. in Lacs) |
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| PARTICULARS
S.No. |
3 months ended (31/12/2008) |
Corresponding 3 months ended in the previous year (31/12/2007) |
Year to date figures for the current period ended (31/12/2008) |
Year to date figures for the previous year ended (31/12/2007) |
Previous accounting year ended (31/03/2008) |
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(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Audited) |
| 1 |
a) |
Net Sales/ Income from Operations |
15,141.51 |
19,468.89 |
52,881.64 |
55,847.36 |
77,787.82 |
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b) |
Other Operating Income |
114.91 |
70.84 |
408.73 |
1,562.03 |
1,747.34 |
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|
Total Income (a+b) |
15,256.42 |
19,539.73 |
53,290.37 |
57,409.39 |
79,535.16 |
| 2 |
|
Expenditure |
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|
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a) |
(Increase) / decrease in stock in trade and work in progress |
1,136.38 |
(1,344.79) |
443.87 |
(3,392.45) |
(2,642.33) |
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b) |
Consumption of raw materials (including consumption of stores, spares and packing materials) |
10,105.52 |
13,299.04 |
36,236.42 |
37,355.98 |
50,020.54 |
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c) |
Purchase of traded goods |
246.10 |
1,486.60 |
2,784.08 |
4,236.78 |
6,490.64 |
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d) |
Employees cost |
1,188.94 |
1,439.16 |
3,777.25 |
4,167.73 |
5,582.29 |
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e) |
Depreciation (including amortisation) |
970.12 |
1,055.23 |
2,981.32 |
3,173.96 |
4,229.77 |
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f) |
Power and fuel cost |
1,439.03 |
2,023.56 |
4,541.43 |
6,045.50 |
7,775.62 |
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g) |
Other expenditure |
1,724.79 |
1,687.89 |
5,037.25 |
4,661.55 |
7,393.58 |
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Total |
16,810.88 |
19,646.69 |
55,801.62 |
56,249.05 |
78,850.11 |
| 3 |
|
Profit / (Loss) from Operations before Other Income, Interest & Exceptional Items
(1-2) |
(1,554.46) |
(106.96) |
(2,511.25) |
1,160.34 |
685.05 |
| 4 |
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Other Income |
| 270.32
411.39 |
783.42 |
1,500.47 |
1,845.06 |
| 5 |
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Profit / (Loss) before Interest and Exceptional Items (3+4) |
| (1,284.14)
304.43 |
(1,727.83) |
2,660.81 |
2,530.11 |
| 6 |
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Interest |
| 1,804.50
1,611.47 |
5,168.66 |
4,897.65 |
6,750.94 |
| 7 |
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Profit / (Loss) after Interest but before Exceptional Items (5-6) |
| (3,088.64)
(1,307.04) |
(6,896.49) |
(2,236.84) |
(4,220.83) |
| 8 |
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Exceptional Items |
|
-
- |
- |
- |
- |
| 9 |
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Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
(3,088.64) |
(1,307.04) |
(6,896.49) |
(2,236.84) |
(4,220.83) |
| 10 |
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Tax expense |
8.88 |
(442.23) |
29.99 |
(709.11) |
(768.10) |
| 11 |
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Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) |
(3,097.52) |
(864.81) |
(6,926.48) |
(1,527.73) |
(3,452.73) |
| 12 |
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Extraordinary Items (net of tax expense) |
|
-
- |
- |
- |
- |
| 13 |
|
Net Profit / (Loss) for the period
(11-12) |
(3,097.52) |
(864.81) |
(6,926.48) |
(1,527.73) |
(3,452.73) |
| 14 |
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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 |
| 15 |
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Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
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-
- |
- |
- |
7815.52 |
| 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, for the year to date and for the previous year |
(4.33) |
(1.21) |
(9.69) |
(2.14) |
(4.83) |
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Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year |
(4.33) |
(1.21) |
(9.69) |
(2.14) |
(4.83) |
| b) |
|
Basic EPS after Extraordinary items for the period, for the year to date and for the previous year |
(4.33) |
(1.21) |
(9.69) |
(2.14) |
(4.83) |
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Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year |
(4.33) |
(1.21)) |
(9.69) |
(2.14) |
(4.83) |
| 17 |
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Public Shareholding |
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Number of Shares |
39,440,473 |
39,569,103 |
39,440,473 |
39,569,103 |
39,569,103 |
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Percentage of Shareholding |
55.18% |
55.36% |
55.18% |
55.36% |
55.36% |
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| 1 |
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'The above results for the quarter ended December 31, 2008 were taken on record at the meeting of the Board of Directors in their meeting held on January 31, 2009. |
| 2 |
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'In accordance with 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 |
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During the quarter, the Company has received approval from its bankers for revision of terms of its working capital and term loan facilities including reduction in interest rates and reschedulement of debt repayment installments. |
| 4 |
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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. 1,182.28 lacs (including interest) will be payable for the above period including Rs. 97.57 lacs and Rs. 267.12 lacs for the quarter and nine months ended December 31, 2008 respectively, which has not been provided in the books. Pending approval of such extension, the Company has accrued VAT receivable amounting to Rs. 848.76 lacs for the period January 1, 2006 to December 31, 2008 on the basis that the sales 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 statutory auditor's standalone and consolidated review reports for the quarter ended December 31, 2008. The management is hopeful of obtaining the exemption. |
| 5 |
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'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 |
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During the quarter, a step down subsidiary of the Company, Schoeller Litvinov, k.s., registered in the Czech Republic, has filed for reorganisation of its operations with the local authorities. Subsequent to the quarter, the subsidiary's petition has been approved and the subsidiary is in the process of submitting the reorganisation plan to the local authorities. The plan would entail reorganisation of the subsidiary's business activities, including all its assets and liabilities. The management is confident of implementing the reorganisation plan. |
| 7 |
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The results of Schoeller Litvinov, k.s. included in the unaudited consolidated financial results have not been reviewed by the auditor of the said entity for the quarter ended December 31, 2008. Accordingly, the statutory auditors of the Company have qualified their consolidated review report for the quarter ended December 31, 2008. |
| 8 |
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Consolidated figures for the corresponding previous nine months ended December 31, 2007 include results of Schoeller Litvinov, k.s. and its related entities with effect from July 1, 2007 and accordingly, are not comparable with the nine months ended December 31, 2008. |
| 9 |
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The Consolidated financial results of the Company for the quarter ended December 31, 2008 will be available on the Company's Website and on the Website of BSE and NSE. |
| 10 |
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'Previous period figures have been regrouped wherever necessary, to conform to the current period presentation. |
| 11 |
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The Limited review by the statutory auditors for the quarter as required under clause 41 of the Listing Agreement has been completed and the related reports are being forwarded to the Stock Exchanges. |
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| BY ORDER OF THE BOARD OF DIRECTORS, |
| For SPENTEX INDUSTRIES LIMITED, |
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| Sd/- |
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| MUKUND CHOUDHARY |
| MANAGING DIRECTOR |
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| Place : New Delhi |
| Date : January 31, 2009 |
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