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Sanrhea Technical Textiles Ltd. Earnings Release 2019
61756_rns_2019-05-30_5cb8b380-21e2-44d4-a8bb-2b31e55b9169.pdf
Earnings Release
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Date: 30.05.2019
To, BSE limited Department of Corporate Services P J Towers, Dalal Street, Mumbai - 400001. Security Code : 514280
Dear Sir/Madam
Subject : Outcome of Board Meeting
We hereby informed that Board of Directors of the Company at its meeting held on Thursday the May 30, 2019, inter alia, have approved and taken on record following:
- The Audited Financial Results of the Company and the Audited Report thereon for the quarter / year ended on March 31, 2019.
Kindly take the same on your record.
Yours Faithfully.
| Audited Financial Results for the Quarter ended on 31/03/2019 | |||||
|---|---|---|---|---|---|
| Particulars | 3 muntlis ended on 31/03/2019 |
Year to date figure for 31/03/2019 |
Year to date figure for current period Corresponding ended on period ended on 31/03/2018 |
||
| Audited | Unaudited | Audited | Audited | ||
| Refer Note 7 | |||||
| Income From Operations | 3101.32 | ||||
| a) Sales/ Income from Operations | 1068.73 20.58 |
1270.55 2.03 |
4591.61 29.80 |
39.50 | |
| b1 Other Income Total Income from operations (net |
1089.31 | 1272.58 | 4621.41 | 3140.82 | |
| Expenses | |||||
| at Cost of materials consumed | 806.07 | 3400.15 | 1978.71 | ||
| (b) Changes in inventories of finished goods, work-in rroaress and stock-in-trade |
(61.08) | (85.01) | 70.37 | ||
| c) Excise du | 0.00 83.19 |
0.00 373.95 |
61.25 341.23 |
||
| dl Employee benefits expenses e) Finance Costs |
36.75 | 115.14 | 124.93 | ||
| Depreciation and amortisation expenses | 6.23 | 81.19 | 93:01 | ||
| Other expenses | 182.06 | 576.36 | 405.80 | ||
| Total expenses | 1053.22 | 1210.83 | 4461.78 | 3075.31 | |
| Profit / (Loss) from operations before exceptional items | 36.09 | 61.75 | 159.63 | 65.51 | |
| and tax (1-2 Exceptional items |
|||||
| Profit/(Loss) from ordinary activities before tax (3-4 | |||||
| Tax Expense | |||||
| Current Tax | 11.04 | 12.75 | 13.14 | ||
| Net Profit /(Loss)from ordinary activities after tax (5-6 Extraordinary Items (net of tax expenses |
25.05 0.00 |
49.00 0.00 |
31.03 0.00 |
||
| Net Profit /(Loss)for the period (7-8 | 25.05 | 49.00 | 31.03 | ||
| Total Other Comprehensive Income for the period (net | |||||
| a) Items that will not be reclassified to Profit and Loss | |||||
| - Remeasurement of Defined benefits plan | |||||
| - Tax Expense on above item b) Items that will be classified to Profit and Loss |
|||||
| Total Comprehensive Income for the Period (9+10 | |||||
| Paid-up eauitv share capital f Face Value Rs. 10/-1 | |||||
| Reserves excluding Revaluation Reserves as per Balance | |||||
| Sheet of previous accounting year | |||||
| Earning per Share (EPS) before extraordinary items (not a) Basic |
|||||
| b) Diluted | |||||
| Earning per Share (EPS) after extraordinary items (not | |||||
| a) Basic | |||||
| b) Diluted | |||||
| The above results were reviewed by Audit Committee & approved by the Board of Directors of the Company at the meeting held on 30th May, 2019 and Auditor's Report on the above results have been carried out by Statutory Auditors of the Compan The company is having business in to one segment only i.e industrial fabrics, hence segment reporting under IND AS 108 is not a Trade receivables over one year old amounts to Rs. 30.36 Lakhs being pursued by the Company. In the opinion of the management they are considered as good and fully recoverable. The financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules. 2015 (IND-AS) prescribed under |
|||||
| Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India. | |||||
| The Statutory Auditors have carried out an audit of the above results for the financial year ended 31st March, 2019 and have issued a modified opinion on the same. Please refer note no 3 above as management reply. |
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| Effective 1st April, 2018, the Company has adopted IND AS 115, 'Revenue from Contracts with Customers'. The application of IND AS 115 did not have anv material impact on the financial statements of the Company. |
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| The figure of the quarter ended March 31, 2019 and March 31, 2018 are the balancing figure between audited figures in respect of the full year and the unaudited published figures year-to-date figure upto the third quarter ended December 31, 2018 and December 31, 2017 respectively |
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| I Corresponding figures of the previous periods have been re-grouped / re-classified, wherever necessary. | |||||
| PLACl: AHMEDABAD DATE : 30.05.2019 SIGNED FOR IDENTIFICATION BY |
For, SANRHEA TECHNICAL TEXTILES LIMITED t MANAGING DIRECTOR |
Pxi | |||
| standalone Statement of Assets and Liabilities | (? In Lakh) | |
|---|---|---|
| 31/03/2019 | 31/03/2018 | |
| PARTICULARS | Audited | Audited |
| ASSETS | ||
| Non Current Assets a) Property, Plant & Equipment |
396.45 | 278.04 |
| 0.09 | 0.09 | |
| b) Other Intangible Assets | ||
| c) Financtial Assets | 4.96 | 4.96 |
| i) Investments | 22.65 | 44.26 |
| ii) Other financial assests | 6.76 | 6.74 |
| d) Other non-current assets | 53.56 | 62.57 |
| e) Deferred tax assets (net) f) Other assets |
185.75 | 27.51 |
| Total Non-current assets | 670.22 | 424.17 |
| Current Assets | ||
| a) Inventories | 628.52 | 515.10 |
| b) Financial investments | 906.31 | |
| i) Trade receivables | 818.14 | 8.91 |
| ii) Cash and cash equivalents | 18.42 | - |
| iii) Other Bank Balances | 4.38 | 49.39 |
| iv) Other Financial Assets | 71.87 | 13.38 |
| c) Other current assets | 19.33 1,560.66 |
1,493.09 |
| Total Current assets Total (1+2) |
2,230.88 | 1,917.26 |
| I EQUITY AND LAIBILITIES | ||
| Equity | 379.00 | 334.90 |
| i) Equity Share Capital | 52.92 | |
| ii) Warrant Application Money iii) Other Equity |
305.78 | 163.75 |
| Total Equity | 684.78 | 551.57 |
| Liabilities | ||
| Non-Current Liabilities | ||
| a) Financial Liabilities | ||
| i) Borrowings | 142.28 | |
| b) Provisions | 55.58 | |
| c) Other Liabilities | 197.86 | 146.90 |
| Total Non-Current Liabilities | ||
| Current Liabilities | ||
| a) Financial Liabilities | 930.97 | 681.73 |
| i) Borrowings | 318.78 | 430.25 |
| ii) Trade Payable | 32.76 | 54.14 |
| iii) Other Financial Liabilities b) Other Current Liabilities |
14.01 | 22.37 |
| c) Provisions | 16.44 | 17.76 |
| d) Liabilities for Current Tax (net) | 35.28 | 12.54 |
| Total Current Tax Liabilities | 1,348.24 | 1,218.79 1,365.69 |
| Total Liabilities (2-F^ | 1,546.10 2,230.88 |
1,917.26 |
| Total Equity And Liabilities (1+4) For, SANRHEA TECHNICAL TEXTILES LIMITED |
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| PLACE: AHMEDABAD | ||
| DATE : 30.05.2019 | ||
| [signed FOR IDENTinaiWNbil | ||
| M.O l.D I"-'- |
||
| 1 | MANAGING DIRECTOR | |
| ppiTPATFI R ASSOCIATES I fl |
||
ARPIT PATEL
Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Diselosure Requirements) Regulations, 2015, as amended.
The Board of Directors of Sanrhea Techincal Textiles Limited
-
- We have audited the accompanying statement of quarterly financial results of Sanrhea Techincal Textiles Limited (the 'Company') for the quarter and year ended March 31, 2019 (the 'Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Regulation'), read with SEBI Circular No. CIR/CFD/FAC/62/20I6 dated July 5, 2016 (the 'Circular'). The Ind AS financial results for the quarter and year ended March 31, 2019, have been prepared on the basis of the Ind AS financial results for the nine-month period ended December 31, 2018, the audited annual Ind AS financial statements as at and for the year ended March 31, 2019, and the relevant requirements of the Regulation and the Circular, which are the responsibility of the Company's management and have been approved by the Board of Directors of the Company. Our responsibility is to express an opinion on these financial results based on our review of the financial results for the nine month period ended December 31, 2018, which was prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India; our audit of the annual Ind AS financial statements as at and for the year ended March 31, 2019; and the relevant requirements of the Regulation and the Circular.
-
- We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial results are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by management. We believe that our audit provides a reasonable basis for our opinion.
-
- As mentioned in Note no. 3 of the Statement, we are unable to substantiate the management's assertion regarding recoverability of the receivables mentioned therein and therefore are unable to determine the effect of any adjustment that may be required in relation to the recoverability of these amounts.
-
- In our opinion and to the best of our information and according to the explanations given to us, except for possible effects the matter described in para 3 above, the Statement;
- (i) is presented in accordance with the requirements of the Regulation read with the Circular, in this regard: and
- (ii) gives a true and fair view of the total comprehensive income (comprising of net profit and other comprehensive income) and other financial information for the quarter ended and year ended March 31, 2019. ^
; "Agrawal Chambers", 2""' Floor, Ellisbridge, Ahmedabad - 380 006, Gujarat, India.
^ ; +9198240 39633 | : [email protected] | : www.apacaindia.com
ARPIT PATEL
Further, read with paragraph 1 above, we report that the figures for the quarter ended March 31, 2019, represent the derived figures between the audited figures in respect of the financial year ended March 31, 2019, and the year-to-date figures up to December 31, 2018, being the date of the end of the third quarter of the current financial year, which were subjected to a limited review as stated in paragraph 1 above, as required under the Regulation and the Circular.
For Arpit Patel & Associates, Chartered Accountants ICAl Firm registration number; 144032W
Arpit Patel Partner Membership No.: 034032
Place: Ahmedabad Date: May 30, 2019
^ • "Agrawal Chambers", 2°" Floor, Ellisbridge, Ahmedabad - 380 006, Gujarat, India.
A) • ■^91 98240 39633 | : info@apacamdia .com I ■fP: www.apacaindia.com
Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results
(Rs. In Lakh)
| Statement on Impact of Audit Qualifications for the Financial Year ended March 31, 2019 | |
|---|---|
| [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016] |
| I | Particulars Sr. No. |
Audited Figures (as reported before adjusting for qualification) |
Audited Figures (as reported after adjusting for qualification) |
|||
|---|---|---|---|---|---|---|
| 1 | Turnover/Total Income | 4621.41 | ^ . Not Ascenamaoie |
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| "T" | Total Expenditure | 4461.78 | Not Ascertainable [Refer^Note | |||
| Net Profit/(Loss) | 119-98 | ^ Not Ascertainable |
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| Earnings per Share (Rs.) | Not Ascertainable il(E)(lljJ |
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| 5 | Total Assets ^ |
2230.88 | Not Ascertaiimble [Refa Note | |||
| 6 | Total Liabilities | 2230.88 | Not Ascertainable [Refer Note n(E)(ii)] ^ |
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| / | Net wet Worth wonn | 684.78 | Not Ascertainable [Refer Note lI(E)(ii)] |
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| 8 | Any other financial item(s) (as felt appropriate by Management) ^ |
L__ | ||||
| Audit Qualification (each Audit Qualification separately) | ||||||
| 11 | A | I Details of Audit Qualification; 1 Independent | on Auditor's report Financial Statements As mentioned in Note no. 41 of the Financial Statements, we are unable to substantiate the |
these receivables and therefore are unable to determine the effect of any adjustment that may be required in relation to the recoverability of these amounts. B Type of Audit Qualification; C Frequency of qualification: Qualified Opinion Qualification 11(a) has been included for the first
time during the year ended 31 March 2019.
corporate Office & Works : Dr. Arobedkar Road, Kalol (N.G.) 382721. Phone : (02764) 225204, 227831 (0"04) 227696. Regd. Office : Parshwanath Chambers, 2nd Floor, Nr. New RBI, Income Tax, Ahmedabad 380 01 . Tel. Fax : (079) 27545646 Email: [email protected] Web.; www.sanrhea.com
CIN :L17110GJ1983PLC006309
| by the auditor, Management's Views: |
||
|---|---|---|
| E | For Audit Qualification(s) where the impact is not |
$\frac{1}{2}$ |
| (i) Management's estimation on the impact of audit |
$\overline{a}$ | |
| (ii) If management is unable to estimate the impact, reasons for the same: |
Management is actively working with intermediary body to pressurise and recover the receivables. We are hopeful of recovering the same in the coming year. |
|
| (iii) Auditors' Comments on (i) or (ii) above: |
Included in details of auditor's qualification stated above. [Please refer note II(A)] |
|
| Signatories | ||
| Managing Director | ||
| CFO | Det | |
| Audit Committee Chairman | $R.B$ form | |
| Statutory Auditor | PATEL & ASSOC $*ARp$ AHMEDABAD |
|
| where the impact is quantified quantified by the auditor: qualification: |
-. Ambedkar Road, shwanath Chambe 079)27545646 Er Cl 27831 Fj abad -31 hea.com