Spentex Industries Limited
Regd. Off : A-60, OKHLA INDUSTRIAL AREA, PHASE - II, NEW DELHI - 110020.
 
UNAUDITED STANDALONE FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2010
              ( Rs. in Lacs)
S.No.


  PARTICULARS 3 months ended
(30/06/2009)
Corresponding 3 months ended in the previous year (30/06/2009) Previous accounting year ended (31/03/2010)
      (Unaudited) (Unaudited) (Audited)
1 a) Net Sales/ Income from Operations 23,238.22 16,337.83 76,134.34
  b) Other Operating Income 9.93 11.38 530.11
    Total Income (a+b) 23,248.15 16,349.21 76,664.45
2   Expenditure      
  a) (Increase) / decrease in stock in trade and work in progress (702.19) 907.42 1,394.80
  b) Consumption of raw materials (including consumption of stores, spares and packing materials) 14,908.82 10,425.87 48,118.44
  c) Purchase of traded goods 1,040.33 275.22 3,366.33
  d) Employees cost 1,455.46 1,214.23 4,955.80
  e) Depreciation (including amortisation) 850.83 817.37 3,504.48
  f) Power and fuel cost 1,764.74 1,609.45 6,802.54
  g) Other expenditure 1,719.79 1,213.45 5,172.24
  h) Total 21,037.78 16,517.01 73,314.63
3   Profit / (Loss) from Operations before Other Income, Interest & Exceptional Items (1-2) 2,210.37 (167.80) 3,349.82
4   Other Income 147.81 219.85 1,331.78
5   Profit / (Loss) before Interest and Exceptional Items (3+4) 2,358.18 52.05 4,681.60
6   Interest 1,927.50 1,618.10 6,916.04
7   Profit / (Loss) after Interest but before Exceptional Items (5-6) 430.68 (1,566.05) (2,234.44)
8   Exceptional Items   - - -
9   Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) 430.68 (1,566.05) (2,234.44)
10   Tax expense - 7.34 2.11
11   Net Profit (+) / Loss (-) from Ordinary Activities after tax (9-10) 430.68 (1,573.39) (2,236.55)
12   Extraordinary Items (net of tax expense)   - - -
13   Net Profit / (Loss) for the period (11-12) 430.68 (1,573.39) (2,236.55)
14   Paid up Equity Share Capital (Face Value Rs. 10/-each) 7,373.30 7,147.20 7,373.30
15   Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year   - - (525.78)
16   Earning Per Share (EPS) (not annualized) (Rs.)
    
  a)



Basic EPS before Extraordinary items for the period and for the perivious year 0.58 (2.20) (3.13)
    Diluted EPS before Extraordinary items for the period and for the previous year 0.56 (2.20) (3.13)
  b)



Basic EPS after Extraordinary items for the period and for the perivious year 0.58 (2.20) (3.13)
    Diluted EPS after Extraordinary items for the period and for the previous year
0.56 (2.20) (3.13)
17   Public Shareholding      
    Number of Shares 39,441,475 39,440,473 39,440,473
      Percentage of Shareholding 53.49% 55.18% 53.49%
18    Promoters and promoter group Shareholding      
  a) Pledged / Encumbered      
    -Number of Shares 34,291,558 31,816,974 31,816,974
    -Percentage of Shares (as a% of the total shareholding of promoter / promoter group) 100.00% 99.33% 92.78%
    -Percentage of Shares (as a % of the total share capital of the Company) 46.51% 44.52% 43.15%
  b) Non- Encumbered      
    -Number of Shares 2 214,588 2,475,588
    -Percentage of Shares (as a% of the total shareholding of promoter / promoter group) 0.00% 0.67% 7.22%
    -Percentage of Shares (as a % of the total share capital of the Company) 0.00% 0.30% 3.36%
 

 

1  
'The above unaudited standalone financial results for the quarter ended June 30, 2010 have been reviewed by the Audit Committee and were approved by the Board of Directors in their meeting held on August 13, 2010.
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 June 30, 2010.
3   'In accordance with Accounting Standard 17 on Segment Reporting notified under section 211(3c) of the Companies Act, 1956, the Company has identified three Business Segments viz., Textile Manufacturing , Textile Trading and Other 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. 2,044.70 lacs and recoverablity of Rs. 5,291.35 lacs in an Indian subsidiary. It had registered losses in the 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, will turn around it, 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 and does not require any adjustment. Moreover, subsequent to the quarter end, the Company has received Rs.1,704.00 lacs towards loan receivable.
5  

A foreign step-down subsidiary of the Company, had registered operational losses during the quarter and in the earlier financial years due to economic slow down. This step down subsidiary had submitted a re-organization plan seeking deferment of payment to Secured creditors, and proportionate waiver of unsecured liabilities which has now been approved by the court. The Company believes that the reorganization plan, 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 Rs. 4,496.58 lacs is due from it as at June 30, 2010. These matters have been qualified in the statutory auditor's limited review report for the quarter ended June 30, 2010 and will be dealt with appropriately in due course.

6  
Sundry Debtors and Advances include amounts aggregating Rs. 174.09 lacs and Rs. 224.73 lacs respectively due from customers where payments are not forthcoming. Of the above, the Company has filed a suit for recovery of Rs. 174.09 lacs against two of the customers. Further, in respect of the advances of Rs. 224.73 lacs the Company is making efforts to recover the same and expects to reduce them significantly. Based on outcome of the legal suit coupled with further negotiations with these parties, the management is of the opinion that ultimately there would be no losses against these old balances and hence no provision is considered necessary at this stage. These matters have been qualified in the statutory auditor's limited review report for the quarter ended June 30, 2010
7   'There were no investor complaints pending at the beginning of the quarter, 4 complaints were received during the quarter and properly redressed  and there were no complaints pending at the end of the quarter.
8  
'Previous period figures have been regrouped / recasted / rearranged wherever necessary, to conform to the current period's presentation.
   
BY ORDER OF THE BOARD OF DIRECTORS,
For SPENTEX INDUSTRIES LIMITED,
Sd/-
MUKUND CHOUDHARY
MANAGING DIRECTOR
Place :  New Delhi
Date :  August 13, 2009

 

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