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Sangam (India) Ltd Earnings Release 2020
61492_rns_2020-06-24_9893f752-4353-471e-9431-a9c5302f1a76.pdf
Earnings Release
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CIN: L17118 RJ 1984 PLC 003173 Regd. Office: P.B. No. 90, ATUN, Chittorgarh Road Bhilwara - 311001, Rajasthan, INDIA. Phone: +91-1482-245400-06, Fax: +91-1482-245450 Website: www.sangamgroup.com, E-mail : [email protected]
Ref: SIL/SEC/2020-21/ Date: 24th June, 2020
| The Manager | The Manager |
|---|---|
| Department of Corporate Services | Department of Corporate Services |
| The National Stock Exchange of India Ltd. | Bombay Stock Exchange Ltd. |
| Exchange Plaza, 5 th Floor, | Phiroze Jeejeebhoy Towers |
| Plot No. C/1, G Block, | 25 th Floor, Dalal Street, |
| Bandra Kurla Complex, Bandra (E), | MUMBAI - 400 001 |
| Mumbai 400 051Scrip Code: 5251 | Scrip Code: 514234 |
Dear Sir/Madam,
- Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Ref.: Regulations, 2015
- Outcome of the Meeting of Board of Directors held on 24th June, 2020 and Audited Financial $Sub.:$ Results for the Quarter and Financial Year ended 31st March, 2020
Pursuant to the Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors at their meeting held today i.e. 24th June, 2020, have inter-alia, approved the following:
-
- Appointment of Mr. Anurag Soni, as Chief Financial Officer of the Company w.e.f 24th June 2020. As per the provisions of Section 203 of the Companies Act, 2013 read with relevant applicable rules, Mr. Anurag Soni will be the Whole Time Key Managerial Personnel. A brief profile of Mr. Anurag Soni is enclosed as Annexure-I.
-
- The Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended 31st March, 2020 and Statement of Assets and Liabilities as at 31st March, 2020. A Copy of Audited Financial Results along with Auditors' Report and Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements] Regulations, 2015 are enclosed herewith.
-
- Recommended Dividend @10% i.e, Re 1/-per equity share for the financial year 2019-20, subject to approval of the members in the ensuing Annual General Meeting.
-
- Appointment of Smt. Jyoti Sharma (DIN:0008741591) as an Additional Director in the category of Woman Independent Director on the Board of the Company with effect from 24th June, 2020. A brief profile of Smt. Jyoti Sharma is enclosed as Annexure-II.
-
- Re-constitution of Nomination and Remuneration Committee of the Board of Directors of the Company.
CIN : L 17118 RJ 1984 PLC 003173 Regd. Office : P.B~No. 90, ATUN, Chittorgarh Road Bhilwara - 311001. Rajasthan. INDIA. Phone: + 91-1482-245400-06, Fax: 1" 91-111182-245450 Website: .WWw.s.. ng<ilmgmupcom.E-m9il:$[email protected]
Th~ meeting r:nmmp.nr.p.r.I at 12~OOP.M. and concluded at 05:15 P.M.
This is for your information and record.
Thanking you
CIN : L 17118 RJ 1984 PLC 003173 Regd. Office: P.S. No. 90, ATUN, Chittorgarh Road Bhilwara - 311001, Rajasthan, INDIA. Phone: + 91-1482-245400-06. Fax; + 91-1482-245450 Web!iite; www.sangamgroup.r..om. E-mail: secretati [email protected]
Annexure-I
Brief profile of Mr. Anurag Soni appointsd ::oI~ Chief Financial Officer of the Company:
| Narnp. | Mr. Anurag sent |
|---|---|
| Designation." | Chief Financial Officer |
| Dull.: ul Appointrnen!,." . ~"," | 24th JunCI2020 |
| Re(;l!)lUfl fur Change | 'J,f Chid Financial OfficerAppointment |
| profileBrief, | HeCommerceaGraduateandMSFinanceISDegree. Apart fromhis professionalexpertise,he isalsothf!Member'ofIndiaMaheshwariAllatMahasabha,Trusteeand MemberofboardSitllg(llTlUr1iv~r::;ily, |
| .,,' | Presentlyhe is associatedwithCompanyas ChiefBusinessStrategist.lieis alsospeerhendingthegroup'scorporatestrategyInitiativesandfutureexpansionswilt!adeepanalysisofgroup'scompetitiveadvantagesand challenges |
| "DisclosureofrelationshipbetweenDirectors(incase of appointment as a Director)."U | N.A. |
CIN: L17118 RJ 1984 PLC 003173 Regd. Office : P.B. No. 90, ATUN, Chittorgarh Road Bhilwara - 311001, Rajasthan, INDIA. Phone: +91-1482-245400-06, Fax: +91-1482-245450 Website: www.sangamgroup.com, E-mail : [email protected]
Annexure-II
Brief profile of Smt. Jyoti Sharma as an Additional Director in the category of Woman Independent Director:
| Name | Smt. Jyoti Sharma |
|---|---|
| Designation | Additional Director in the category of Woman |
| Independent Director | |
| Date of Appointment | w.e.f 24 th June, 2020 to hold office till the |
| & Terms of Appointment | conclusion of the next Annual General Meeting. |
| Reason for Change | Appointment as an Additional Director in thecategory of Woman Independent Director |
| Brief profile | She is M.Sc (Botany), MBA with specialization in |
| Financial Management and B.Ed. she is also | |
| pursuing Ph.D in Management from IGNOU. | |
| She has been working as Senior Vice President | |
| with Banking Codes and Standards Board of India | |
| since August 2015. She has 21 year experience in | |
| IDBI Bank Ltd in Chandigarh, Jaipur and Mumbai | |
| office handling various operational and non- | |
| operational departments. 15 month experience as | |
| Vice-President of India SME Asset Reconstruction | |
| Company Ltd (ISARC) | |
| Disclosure of relationship between Directors (in | Smt. Jyoti Sharma is not related to any Director of |
| case of appointment as a Director) | the Company |
Regd.Off.: Atun, Chittorgarh Road, Bhliwera-311001 (Raj.), Phone: 01492-245400, Fax: 01482-245450 CIN: L1711BRJ1984PLC003173, Web: www.sangamgroop.com, Email: [email protected] AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31* MARCH, 2020
| ТIJ.Particulars | (* In Lakhs, except per equity share data) | |||||
|---|---|---|---|---|---|---|
| No. | Quarter Ended | Financial Year Ended | ||||
| 31.03.2020 | 31.12.2019 | 31.03.2016 | 31.03.2020 | 31.01.2010 | ||
| Income | Audited | Unaudited | Audited | Audited | ||
| a. Revenue from Operations | 40150 | 44028 | 48830 | 179011 | 197363 | |
| b. Other income | 108 | 110 | 305 | 8a7 | $-0(n)$ | |
| Total Income | 10158 | 44136 | 49144 | 170858 | 188253 | |
| i ExpensecĦ | ||||||
| a. Cost of materials consumed | 22406 | 22021 | 27190 | 98233 | 105159 | |
| h. Purchases of stock in trade | 51 | 218 | 338 | 4014 | 2954 | |
| $\langle \zeta,$ Change in inversiones of finished goods, work-limit by cas and stock-in-ibsde | (2171) | 1351 | 3429 | (1165) | ||
| 1328 | ||||||
| (d. Employees benefits expanse | 4511 | 4914 | 4871 | 19241 | 19010 | |
| o. Finance costs | 3749. | 1512 | 1821 | 6801 | 4661 | |
| $\mathcal I$ . Depreciation and amortisation expense $\blacksquare$ | 2007 | 2047 | 2000 | 0105 | 10053 | |
| tr. Power & Fuel | 5403 | 5675 | 6399 | 22881 | 24755 | |
| h - Other Expenses | 5596 | 4777 | 14775 | 19654 | 18224 | |
| Total Exponses-411 | 39554 | 43415 | 48823 | 177844 | 166144 | |
| (From 70 oss) before Exceptional items & Tax (I-II).'uv | 704 | 723 | 321 | 2014 | 2109 | |
| Exceptional mems'N. | ||||||
| (Pront/(Locs) before Tax (III-IV) | 704 | 773 | 321 | $-2014$ | 2109 | |
| WITax expense; | ||||||
| í C urrent tax | 311 | 398 | 237 | 1232 | '82 ਡ | |
| Deferred tox | (48) | (22) | 13 | (451) | 1371 | |
| Earlier Years | 92 | (207) | (115) | |||
| Profit/(Loss) after tax (V-VI)VII | 349 | 554 | 71 | 1328 | 1323 | |
| vmOther Comprehensive Incume | ||||||
| A littlems that will not be reclassified to profit or tops | (54) | -16 | (9) | $\mathcal{L}(\mathbf{r})$ | -71 | |
| income Tax on items that will not be reclassified to profit or lossાલકો | 20 | (24) | ||||
| [0,(i))Insms that will be reclassified to profit or joss. | (335) | $\binom{7}{24}$ | (58) | (J23) | ||
| $\pm$ (ii) income Tax on items that will be reclassified to profit or loss | 117 | (8) | 20 | 213 | ||
| (Total Other Comprehensive Income (Net of Tax) | (252) | 27 | (44) | (210) | -47 | |
| TX.Total Comprenensive income for the period (VII+VIII) | 67 | 581 | 27 | 1110 | 1370 | |
| ХPerul that #thuk share Capital (Face Value of ₹ 10 per Share) | 3942 | 39421 | 3942 | -3942 | 3942 | |
| ЖľOther Equity | 48770 | 48128 | ||||
| $\sim 11$Teaming per equity Share: | ||||||
| SLEBasic (not annualised) | 0.89 | 法同志 | 0.18 | 3.37 | 0,56 | |
| (2) Difuted (not annuallsed) | 0.89 | 1.41 | 0,18 | 3.37 | ||
| Nest dascu | 3.39 |
and year ended 31st March 2020 have been prepared by the Company in accordance with Regulation 33 of SEB: (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended) and were reviewed by the Audit Committee
of the Board and thereatter were approved and taken on record by the Board of Directors in their meeting held on 24w june, 2020. The pears of Directors have recommended a dividend @10% on equity chare, subject to approval from the shareholders of the ensuing AGM. Ż
Based or the management approach as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluated the company's performance and allocates resources based on an analysis of various performance indicators of hushess segment's in which the company onerates The Company is primarily engaged in the business of textile manufacturing which the management and COUM recognise as the sole business sequient. Hence, disclosure of segment wise information is not required and accordingly not provided.
Effective from 1st April 2019, the Company has adopted ind AS 116 - Leases. Based on the assessment done by the management, there is no impact of the above change on profit for the period on these financial results.
The Covid 19 Pandemic affected globally as well as mora causing significant disturbance in accommic activities. The operations of company were suspended from 21st March, 2020 till end of April, 2020 wide national lockdown. However company gradually started the business operations and ph track of normal business operataion. Company has performed sensitivity analysis on the assumptions of various internal Lexternal Informations of further aconomic immeators. Management is expected that company will recover the carrying amount of assets and likhlities and will hab affected immeas future / long term period.
The figures of the previous period have been respouped ( ) extranged and / or recuss wherever considered necessary. The figures of the samplener are: the baloncing figures between audited figures in respect of full financial year and reviewed year to deta figures up to the third quarter of the current 7 previous financial year.
Regd.Office: Atun, Chittorgarlı Road, Bhilwara-311001 (Raj.), Phone: 01462-245400. Eax: 01482-245450 CIN: L17118RJ1984PLC003173, Web: www.sangamgroup.com, Email: [email protected] Audited Consolidated Statement of Assets and Liabilities as at 31st March, 2020
| ₹ In Lakhs | |||
|---|---|---|---|
| 51, | Particulars | As at | As at |
| No. | 31.03.2020 | 31.03.2019 | |
| Audited | Audited | ||
| ASSETS | |||
| $\cdot$ 1 | Non-Current Assets | ||
| (a) Property, Plant and Equipment | 61541 | 64752 | |
| (b) Capital Work-In-Progress | 602 | 1014 | |
| (c) Other Intangible Assets | 81 | 88 | |
| (d) Intangible Assets under Development | 356 | 16B | |
| (e) Financial Assets | |||
| (i) investments | 585 | 585 | |
| (ii) Other Financial Assets | 0.50 | 1021 | |
| (f) Other Non-Current Assets | 639 | 837 | |
| Total Non-Current Assets | 64754 | 68465 | |
| 21 | Current Assets | ||
| (a) Inventories | 37278 | 36080 | |
| (b) Financial Assets | |||
| (i) Trade Receivables | 29155 | 34980 | |
| (ii) Cash and Cash Equivalents | 835 | 39 | |
| (iii) Bank Balance (other than (ii) above) | 530 | 29 | |
| (iv) Other Financial Assets | 4952 | 4786 | |
| (c) Current Tax Assets (Net) | 445 | 835 | |
| (d) Other Current Assets | 6102 | 8218 | |
| Total Current Assets | 79297 | 84975 | |
| Total Assets | 144051 | 153440 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| (a) Equity Share Capital | 3942 | 3942 | |
| (b) Other Equity | 48770 | 48128 | |
| Total Equity | 52712 | 52070 | |
| Liobilities | |||
| Т. | Non-Current Liabilities | ||
| (a) Financial Liabilities | |||
| (i) Borrowings | 28517 | ||
| (b) Deferred Tax Liabilities (Net) | 24228 | ||
| Total Non-Current Liabilities | 4911 | 4598 | |
| 29130 | 33115 | ||
| $\mathbf{Z}$ | Current Liabilities | ||
| (a) Financial Liabilities | |||
| (I) Borrowings | 35899 | 35507 | |
| (II) Trade Payables | |||
| a) Due to Micro and Small Enterprises | 763 | ||
| b) Other than Micro and Small Enterprises | 10703 | 16458 | |
| ((iii) Other Financial Liabilities | 11746 | 13731 | |
| (b) Other Current Liabilities | 1337 | 1208 | |
| (c) Provisions | 1752 | 1351 | |
| Total Current Liabilities | 62200 | 60255 | |
| Total Equity and Liabilities | 144051 | 153440 | |
Date: 24th June, 2020 Place : Bhilwara
Ros Sangam (India) Limited $\mathcal{L}_{\mathcal{PM}}$ (R.P. Soni) Theologica ChairmanDIN: 00401439
SANGAM (INDIA) LIMITEDRegd.Office : Atun, Chilturgants Road, Bhilwara-311001 (Raj.), Phone, 01402-245400, Fax: 01482-245450CIN: L1711BRJ1984PLC003173, Web: WWW.sangamgroup.com, Email: [email protected]
$\mathbf{a}$
يعرب (R.R. Soni)
Chairman DIN: 00401439
TRINGTON
m WHITH
Audited Consolidated Statement of Cash Flow for the year ended on 31" March, 2020.
| डाः | Particulars | As at | с ит сакляAs at |
|---|---|---|---|
| No. | 31.03.2020 | 91.03.2019 | |
| Audited | Audited | ||
| A | Cash Flow from Operating Activities | ||
| Not Profit Before Tax | 2014 | 2109 | |
| Adjustments for :- | |||
| Depreciation and Amortisation Expense | 8105 | 0052 | |
| Finance Costs | 6881 | 6660 | |
| Allowance for Doubliful Debts | 30. | -55 | |
| Interest Income | (773) | (654) | |
| Foreign Exchange Fluctuation | $-56$ | 172 | |
| Profit on Sale of Fixed Assets (Net) | (32) | (188) | |
| Operating Profit before working capital changes | 16291 | 16207 | |
| Movements in Working Capital :- | |||
| (Increase) / Decrease in Inventories | (1197) | (76) | |
| (Uncrease) / Derrease in Trade Receivables | 5759 | (3417) | |
| (Increase) / Decrease in Other Financial Assets | (156) | 1089 | |
| (Increase) / Decrease in Other Assets | 2384 | (419) | |
| Increase / (Decrease) in Trade Payables | (5016) | 1357 | |
| Increase / (Decrease) in Other Financial Liabilities | (63) | -195 | |
| Increase / (Decrease) in Provisions | 78 | 410 | |
| Increase / (Decrease) in Other Liabilities | 129 | 346 | |
| Cash Generated from Operations | 18209] | 15700 | |
| Taxes Pald / (Refund) (Net) | (130) | (1702) | |
| Net Cash Inflow / (Out Flow) from Operating Activities | 10339 | 17402 | |
| Ρ. | Cash Flow from Investing Activities | ||
| Purchase of Fixed Assets | (4821) | (3295) | |
| Sale of Fixed Assets | 190 | 强重型 | |
| Interest income | 764 | 611 | |
| Net Cash Inflow / (Outflow) from Investing Activities | (1067) | (2372) | |
| $\mathbb{C}$ | Cash Flow trom Financing Activities | ||
| Proceeds from Long Term Borrowings | .766 | 1860 | |
| Repayment of Long Term Borrowings | (7110) | (8146) | |
| Increase / (Decrease) in Short- Term Borrowings | 391 | (1723) | |
| Finance Costs | (6/46) | (6645) | |
| Dividend Paid (Including Tax on Dividend) | (476) | (476) | |
| Net Cash Inflow / (Out Flow) from Financing Activities | (13175) | (15,130) | |
| Net Increase/(Decrease) In Cash & Cash equivalents | 1297 | (100) | |
| Cash and Cash Equivalents at the Beginning | -68 | 160 | |
| Cash and Cash Equivalents of the End | 1365 | 68 |
Date: 24m June, 2020Place : Bhilwara
Independent Auditors' Report on th8 Quarterly and Year to Date Audited Consolidated Flnandal Results of the Company Pursuant to the Regulations 33 of the SIBI (Usting Obligations and Disclo5ure Requirements) Regulations, 2015, as amended
To the Board of Directors of Sangam (India) Umited
Report on the audit 01the ConsolidatAd AnnuQlIPinBnclal Results
opinion
· ,
We have audited the ,",ccompanylng statement of quarterly and year to date Con:!Olidated finandal results of Sangam (India) Llmlbld t'Hoiding Company',), and Its subsidiary (the Holding Company and Its subSidiary together referred to as "the Group") for the quarter and year ended March 31, 2020 rStatementj, attached herewith, being submitted by the Holding Cornpany pursuant to the requirement of Regulation 33 of the SEBI (Ustlng obligatiohs and Disclosure Requirements) Regul;mohs, 2015, as amended (the "listing Regulations,.
In our opinion and to the best of our Information and according to the explanations given to us, the statement:
- Indudes the results of the following entities:
Sang2tm (IndifJ) limited - HOlding company sangam lifestyle Ventures Umited - wholly owned subsidiary
- b) are presented In accordance with the requirements of the Ustlng Regulations in this regard; and
- c) gives a true and fatr view in conformity with the appticable accounting standards and other accounting princ:lples generzilly accepted in India, of the net profit, other comprehensive Income and other finanCial information of the Group for the quarter and year ended March 31,2020.
Basis for Opinion
We conducted our audit In 3('C()rdance with the Standards on Auditing ("SAlis) speCified under Section 143(10) of the Companl@s Act, 2013 as amended ("the Act") Our responslbliltles under those Stand8rds ere further described in the "Auditors' Re$ponibiUties for the Audit of the Consolidated Financial Re501tssection of our report. We are Independent of the Group in accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are rele"ant to OUraudit of the finandal statements under the provisions of the Act and the Rules thereundf;!r, and we h~ve fulfilled our other ethical responSibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by US is sufficient and approptiate to provide a basis for our opinion.
Manllgement·s RMpan.lblllties for the: CO...~lid.ted Pimmc;:iill R8IIuItIi
The Statement has been prepared on the basis of the consolidated annuaJ financial statements. The Holding Companys Board of Directors are responsible for the preparation and presentation of the Statement that gives true and fair view of the net profit, other comprehensive income and other tinandal information of the Group in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with r@levant rules l$SUed thereunder and other accounting prll"lclples ,gel1etally accepted in India and in compliance with U$dng Regulath:ms.
The tespctive Board of Directors of the companies Included In the Group Is responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and tor preventing and detecting frauds and other irregularities; selection and appllcatlOIl of approprii;tte accounting policies; making judgments and estimates that lire reasonable and prudent; and the desIgn, Implementation and maintenance of adequate Internal finanCial controls that were Operating e1TectlVelyfor enSU'tfno the 8euracy and cOMpl~nes.1) of 'tl"l@ accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, Whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Cornpany, as aforesaid.
In ptepl'Iring the Statement, the respective Board of Directors of th~ tompanies ,InCluded in the Group Is responsible for assessing the ability of Group to continUe as a going concern, discfoslng, as applicable, matters related to going concern and using the going concern basis 0f accounting unless the respective Board of Directors either intends to liquidate the Group or 1.,0 cease operations, Or has no realistic ~ltemative but to do so.
The respective Board of DII'@CtOrsof the ComPlinies tocJuded in the Group's also re$portsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities for the Audit of th~ CunmlidatlMl Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, i!lnd to Issue an audltcJt'$ report that includes our opinion. Reasonable assurance;s if high Ie~ of assurance but;s not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise ftom fraud or error and are considered material if, individu"IIy Or in the aggregate, they could reasonably be expected to InflUence the economic decisions of users taken on the basis of this Statement.
As part of (In audIt In accordan~e with SAi, we exercise professional judgment and rnainteln professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mlsstatem@nt r@sultingfrom fraud Is higher than for one resulting from etror; es fraud may Involve eOIlU~lot1, fotgery, intentional omlsstons, misrepresentations, Of the overrtde of lnternal control.
- Obtain an understanding of intemal financial controls relevant to the aJdit in order to design audit procedures that are appropriate In the ctrcomstances. Under section 143(3}(i) of the Act, We are also responsible for expre.'i.'iing our opinion on whether the cOl1lpany has adequate intl!m1 financIal controls with reft!tI~nl:e to financial statements In place and the operating effectiveness of such controls.
- Evaluate the appropriateness of ac;:c;:ountingpolicies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' US~ of the going concern b!SI$ Of accounting and, based 011 the audit evidence obtained, whether a material uncl!:rtainty exists related to events or conditions that may cast slgnlftcant dOUbt on the ability of the Group to continue as a going concern. If we conclude that ~ material uncertainty exists, we are required to draw attention In our audltorts report to the related disclosures In the statement or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the entities within the Group to express an opinion on the statement.
We communicate with those charged with governance of the Holding Company and such other entity included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated March 29, 2019 Issued by the Securities Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
Other Matters
- $(a)$ The accompanying Statement includes financial results, in respect of one wholly owned Subsidiary, whose financial results reflects total assets of Rs. 1.374 Lacs as at March 31, 2020. and total revenues of Rs. 1,457 Lacs for the year ended on that, and total net loss after tax of Rs. 2 Lacs and net cash inflows of Rs. 0.31 Lacs for the year ended on that date, whose financial statements have been audited by one of the joint auditors and whose report has been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the joint auditor.
- The Statements includes the results for the quarter ended March 31, 2020 being the balancing (b) figure between the audited figures in respect of full financial year ended March 31, 2020 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
Our obinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of one of the joint auditors.
For Raiendra & Co. Chartered Accountants Firm Registration No 108355W
Akshav R. Shah Partner Membership No.103316 Place: Mumbal UDIN: 20103316AAAACC7075 Date: 24th June, 2020
For O. P. Dad & Co. Chartered Accountants Firm Registration No 002330C
O. P. Dad Partner Membership No. 035373 Place: Bhilwara UDIN: 20035373000000553204 Date: 24th June, 2020
Regd.Off.: Aton, Chittorgarn Road, Bhilwara-311001 (Raj.), Phone: 01482-245400, Fax: 01482-245450 CIN: L171188)1984FLC003173, Web: www.sangamgroup.com, Froatl: [email protected] AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 3131 MARCH, 2020
| Particulars | Quartar Ended | Pinancial Year Ended | |||
|---|---|---|---|---|---|
| 31.03.2020 | 31.12.2019 | 31.03.2010 | 31.03.2020 | 31.03.2019 | |
| Audited | Unaudited | Audited | Audited | ||
| Income | |||||
| la. Revenue from Operations | 40023 | 43890 | 48890 | 178297 | 187363 |
| lb. Other income - | 100 | 111 | -70b | TMU | 902 |
| Total Income | 40131 | 44001 | 49196 | 179145 | 188264 |
| Ежропсес | |||||
| a. Cost of materials consumed | 22408 | 22923 | 27190 | 98233 | 105159 |
| b. Purchases of stock in trade. | 65 | 210 | 338 | 3963 | 2855 |
| le. Change in inventories of finished goods, work-in-progress and stock-in- | |||||
| trade | (2361) | 1325 | 1505 | (1313) | 1852 |
| d. Employees benefits expense | 4487 | 4855 | 4812 | 12000 | 18765 |
| leFinance costs | 1741 | 1504 | 1814 | 6865 | 6654 |
| f. Depreciation and amortisation expense | 2006 | 2045 | 1998 | 8100 | -6048 |
| a. Power & Fuel | 5403 | 5675 | 6399 | 22881 | 24755 |
| II. Callans Expenses | 5532 | 4732 | 4692 | 19399 | 17919 |
| TOtal Expenses | 59447 | 45248 | 487481 | 7717B | 185818 |
| Profit/(Loss) before Exceptional Items & Tax (I-II) | 684 | 753 | 448 | 2013 | 2440 |
| lëxceptional items | |||||
| Profit/(Loss) before Tax (III-IV) | 664 | 755 | 448 | 2017 | 2446 |
| lTax вкрепсет | |||||
| Current tax: | 311 | 398 | 237 | 1252 | 823 |
| Deferred tax | (40) | (14) | 56 | (430) | -62 |
| l Earlier Years | 92 | (207) | (115) | ||
| Profit/(Loss) after tax (V-VI) | 329 | 576 | .155 | -1330 | 1561 |
| Other Comprehensive Income | |||||
| thems that will not be reclassified to profit or loss | (50) | 17 | (12) | - (#1 | -60 |
| (@) income Tax on items that will not be reclassified to profit or loss | 19 | (b) | (28) | ||
| B.(I) frems that will be reclassified to profit or loss | (335) | 24 | (58) | (323) | |
| - (ii) income tax on items that will be reclassified to profit or loss | 117 | (S) | -20 | 313 | |
| Total Other Comprehensive Income (Net of Tax). | (253) | 27 | (47) | (212) | -45 |
| Total Comprehensive income for the period (VII+VIII) | 76 | -603 | -108 | 1118 | 1606 |
| Paid-up Equity Shore Capital (Fare Value of ₹ 10 per Share) | 3942 | 3942 | 3847 | 3942 | 5942 |
| Other Fonity | 49382 | 46739 | |||
| Earning: per Equity Sharer | |||||
| (1) Basic (not annualised) | 0.83 | 1.46 | 0.39 | 3.37 | 3.96 |
| ((2) Diluted (nut annualised)Notes:- | 0.83 | 1.46 | 0.39 | $-3.37$ | 2.96 |
Requirements) Requisions 7015 (as amended) and were reviewed by the numi Committee of the Board and thereafter were approved and taken on record by the Board of Directors in their meeting held on 24th june, 2020. $\sim 100$
The Board of Directors have recommended a dividend @10% on equity share, subject to approval from the shareholders at the ensuing AGM.
İB Based on the management approach as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the company's performance and allocates resources based on an analysis of various performance indicators of business segments in which the company operates. The Company is primarily engaged in the business of textile manufacturing which the management and CODM recognise as the sole business. segment. Hence, disclosure of segment-wise information is not required and accordingly not provided.
Effective from 1" April 2019, the Company has adopted Ind AS 116 - Leases. Based on the assessment done by the management, there is no impact of the above change on profit for the period on these financial results.
abe Covid 19 Pendemic affected globally as well as india causing sionificant disturbance in econamic accivities. The operations discompany were suspended from 21* March, 2020 till end of April, 2020 wide national lockdown. However company gradually started the business operations and buy twick of normal business operatelon. Company has performed sensitivity analysis on the securitions of various internal / external informations of further economic indicators. Management is expected that company will recover the carrying amount of assets and finalities and will not officially heavy long term period.
The figures of the previous period have been re-grouped / rearranged and / or recast wherever considered necessary. The figures of the last quarter are ë the balancing figures between audited figures in respect of full financial year and reviewed year to date figures up to the third quarter of the current, provious financial vear.
Regd.Office: Atun, Chittorgarh Road, Bhilwara 311001 (Raj.), Phone: 01482-245400, Fax: 01482-245450 CIN: L17118RJ1984PLC003173, Web: www.sangamgroup.com, Email: [email protected] Audited Standalone Statement of Assets and Liabilities as at 31th March, 2020
| c in Lakhs | |||
|---|---|---|---|
| Particulars51. | As at | As at | |
| No. | 31.03.2020 | 31.03.2019 | |
| Audited] | Audited | ||
| ASSETS | |||
| Non-Current AssetsĄ. | |||
| (a) Property, Plant and Equipment | 01526 | 64735 | |
| (b) Capital Work-in-Progress | 60271 | 1014 | |
| (c) Other Intangible Assets | 356 | -75168 | |
| (d) Intangible Assets under Development | |||
| (e) Financiol Assets | |||
| (i) Investments | 590 | 590 | |
| (ii) Other Financial Assem | 949 | 1020 | |
| (f) Other Non-Current Assets | 639 | :027 | |
| Total Non-Current Assets | 64733 | 68439 | |
| $\mathbf{2}^-$Current Assets | |||
| (a) Inventories | 36753 | 35405 | |
| (b) Financial Assets | |||
| (I) Trade Receivables | 30435 | 36443 | |
| (ii) Cash and Cash Equivalents | 839 | 38 | |
| (III) Bank Balance (other than (ii) above) | 530 | 29 | |
| (iv) Other Financial Assets | 4952 | 4786 | |
| (c) Current Tax Assets (Net) | 445 | 835 | |
| (d) Other Current Assets | 6027 | 8124 | |
| Total Current Assets | 79975 | 85660 | |
| Total Assets | 144708 | 154099 | |
| EQUITY AND LIABILITIES | |||
| Eaulty | |||
| (a) Equity Share Capital | 3942 | 3942 | |
| (b) Other Equity | 49382 | 48739 | |
| Total Equity | 53324 | 52681 | |
| Liabilities | |||
| Non-Current Liabilities | |||
| (a) Financial Liabilities | |||
| (I) Borrowings | 24228 | 28517 | |
| (b) Deferred Tax Liabilities (Net) | 5119 | 4807 | |
| Total Non-Current Liabilities | 29347 | 33324 | |
| Current Liabilities | |||
| (a) Financial Llabilities | |||
| (I) Borrowings | 35899 | 35507 | |
| (II) Trade Payables | |||
| a) Due to Micro and Small Enterprises | 757 | ||
| b) Other than Micro and Small Enterprises | |||
| (iii) Other Financial Liabilities | 10702 | 16432 | |
| 11632 | 13638 | ||
| (b) Other Current Liabilities | 1313 | 1180 | |
| (c) Provisions | 1734 | 1337 | |
| Total Current Liabilities | 62037 | 68094 | |
| Total Equity and Liabilities | 144708 | 154099 | |
| Eor Sangam (India) Limited | |||
| 24 th June, 2020Date: | ŒΝ | ||
| Place : Bhliwara. | |||
| Bhilwaca | (R.P. Soni) | ||
| Chairman | |||
| DIN: 00401439 | |||
| m alan | BHILWARA | ||
| FRN | |||
| $002330$ C | |||
| EREDA | |||
Rega.Office: Atun, Chittorgarh Road, Bhilware-311601 (Raj.), Phone: 01482-245400. Fax: 01482-245456 CINT-L17118RJ1984PLC003173, Web: www.sangamgroup.com, Email: [email protected] Audited Standalone Statement of Cash Flow for the year ended on 31" March, 2020.
| SI. | Particulars | As at | Tin LakhsAs at |
|---|---|---|---|
| No. | 31.03.2020 | 31.03.2019 | |
| Audited | |||
| A | Cash Flow from Operating Activities | Audited | |
| Net Profit Before Tax | |||
| 2017 | 2446 | ||
| Adjustments for :- | |||
| Depreciation and Amortisation Expense. | 8100 | 0048 | |
| Finance Costs | 6665 | 6654 | |
| Allowance for Doubtful Debts | 30. | 55. | |
| Interest Income | (773) | (655) | |
| Foreign Exchange Fluctuation | 66 | $-1$ , $-1$ | |
| Profit on Sale of Fixed Assets (Net) | (32) | (188) | |
| Operating Profit before working capital changes | 16273 | 16532 | |
| Movements in Working Copital :- | |||
| (Increase) / Decrease in Inventories | (1349) | $Z \bar{z}$ | |
| (Increase) / Decrease in Trade Receivables | 5935 | (4051) | |
| (Increase) / Decrease in Other Financial Assets. | (156) | 1089 | |
| (Increase) / Decrease in Other Assets | 2356 | (103) | |
| Increase / (Decrease) in Trade Payables | (4997) | 1394 | |
| Increase / (Decrease) in Other Financial Liabilities | (84) | 136 | |
| tocrease / (Decrease) in Provisions | 71 | 413 | |
| Tricrease / (Decrease) in Other Liabilities | 133 | 323 | |
| Cash Generated from Operations | 18193 | 15605 | |
| Taxes Paid / (Retund) (Net) | (130) | (1702) | |
| Net Cash Inflow / (Out Flow) from Operating Activities | 18323 | 17387 | |
| .B. | Cosh Flow from Investing Activities | ||
| Purchase of Fixed Assets | (4821) | (3287) | |
| Sale of Fixed Assets | 390. | 312 | |
| Interest Income | 764 | 0.12 | |
| Net Cash Inflow / (Outflow) from Investing Activities | (3867) | (2363) | |
| Cash Flow from Pluancing Activities | |||
| Proceeds from Long Term Borrowings | 766 | 1860 | |
| Repayment of Long Term Borrowings | (7110) | (8147) | |
| Increase / (Decrease) In Short-Term Borrowings | 391 | (1722) | |
| Finance Costs | (6731) | (6638) | |
| Dividend Paid (Including Tax on Dividend) | |||
| (476) | (476) | ||
| Net Cash inflow / (Out Flow) from Financing Activities | (13160) | (15123) | |
| Net Increase/(Decrease) in Cash & Cash equivalents | 1296 | (99) | |
| Cash and Cash Equivalents at the Beginning | 67 | 166 | |
| Cash and Cash Equivalents at the End | 1363 | -67 |
.⊯ace∍ BhilwaraPlace∍ Bhilwara
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Eor Sangam (India) Limited
Biilwa:
Ŵ
آسي (R.P. Soni)Chairman
DIN: 00401439
Independent Auditors' Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors of $angam (India) Limited
Report on the audit of the standalone Fhlancial Re5ulb
opinion
We have audited the accompanying Statement of quartcrlv and year to date standalone flnandal results of Sangam (India) Limited (the "Company"), for the quarter and year ended March 31, :lULU (the "staternent"), attached herewith, belli!:! submitted by the Company pursuant to the requirement of ReglJl[itlon 33 of the SEBI (listing obligations and Disclosure Requirements) Regulations, 2015, as amended (the \Listlng Regulatiumj").
In Out- opinion and to the best of our Information and iiccording to the explanations glveh to us, the statement:
- a. is presented in accordance with the requirements of the Listing Regulations in this reqard: and
- b. gives C;) truc and fair view in conformity with the applicable accounting standards and other accountinq principles generally accepteu in India, of the net profit, other comprehensive income and other financial information of the Company for the quarter and year ended March 31,2020
Basis for Opinion
WP. conducted our audit in accordance with the standards on Auditiny ("SAlls) 5pr.lfled under Section 143(10) of the Companies Act, 2013 as amended ("the Act") Our responslbllltles under those Standards are turther described in the "Auditors' R.e::iponsibiliti~~for the Audit of the Standalone Financial Results" section of our report, We are lndependenl ur the Company In accordance With the Code uf Elhil:5 issued hy the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the flnandal statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of EtlliL. Wv. bf~lip.vp.that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management's Responsibilities for the StandalDne Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible tor the preparation and presentation of the Statement that gives true and fair view of the net profit find other comprehensive income of the Company and other financial Information in accordance with the applicable accounting standards prescribed under Section B~ of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulations 33 of the Listing Reyuli:ltions. This responsibility also Includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other Irregularities; selection and application of appropriate accountlnq policies; making judgments and estimates that are reasonable and prudent; and the design, Implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error .
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounlinq unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible tor overseeing the Company's finandal reportinq process.
Auditol"~ Responsibilities for the Audit of the Slitlndalone Financial Results
"\
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free lrorn 1T".;Itti;'t1misstatement, whether due to fraud or error, and to issue an auditor's report lhal includes our opinion. Reasonable assurance is a high level of assurance but 15not a gJiilrtJrltl:-!p. lhal illl audit conducted in accordance with SA:; will alwavs detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material If, Individually or in the aggregate, they could reasonably U~ ~xfJec.te..1 to Influence the economic decisions of users laken on rhs basis of this Statement.
As part or an audit In accordance with SAs, w~ exercise professional judgment and maintain professional scepticism throughout the audit. we also:
- Identity and assess the risks of material rnisstatemenr of the Statement, whether due to fraud ur error, design and perrorm audit procedures responsive to those risks, and obtain audit evidence that Is sufficient emu appropriate to provide a basis tor our Opinion. The risk or not (l~te(:tlng n material misstatement resulting from fraud is hiqhcr than for one resulting from error, as fraud may involve colluston, forgery, Intentional omissions, rnisrepresentatlons, or the override of internal control.
- Obtain em understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate In the circumstances. Under Section 143(3)(i) of thE=! Ac:t, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and thp. operating effectiveness of such control!:.
- .. EVdludle the appropriateness of accounnnq policies used and the reasonableness of accounting estimates and related dlsdosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast ~ignlf1cant doubt on tile Company's ability to continue as a going concern. If we. conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such . disclosures are madcquate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a qoinq concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, Including any Significant deficiencies In internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships und other matters that may reasonably be thought to bear 011 our independence, and where (1l)pllc:aL')le,related safequards.. / ;.':r~~'=:'~~~l"-.')~"'~~"
Other Matter
The Statements includes the results for the quarter ended March 31, 2020 being the balancing figure between the audited figures in respect of full financial year ended March 31, 2020 and the published unaudited year-to-date flqures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the L.lsting Regulations.
For Rajendra & Co. ChBrter~d Accountants Firm Registration No 10B355W
\ .t ••"'" ~ "~ j'''', A (,I.""'') .."........., ('/ I. '~t.....• ",m"' .., III' ';1I:IIIIN'" III\Jfa..r" .. n~
Akshay R. Shah Partner Membership No.l03316 Place : Mumbai UDIN : 20103316AAAACB1665 Date: 24th June, 2020
For O. P. Dad 8t Co. Chartered ~ct;:ountants Firm Registration No 002330C
o. P. Dad Partn~r Membership No. 035373 place: Bhllwara UDIN :2.00353"13 4A A A- 6L9.5 22 Date: 24th June, 202U
w. run on SANGAM (INDIA) LIMITED
CIN : L 17118 RJ 1984 PLC 003173 Regd. Office; P,6. Nu. 90, A'1'UN, Chittorgarh Road 8hllwara - 311001, RajaSithan, INDIA. Phone; + 91-1482-245400-06, Fax: + 91·1482-245450 Website: www.ssngamgroup.com. E-mail: [email protected]
Ret: SIL/5EC/2020-21/ Date: 24th June, 2020
| The ManagerDepartmentof CorporateServices'heNationalstock Exchange of India Ltd,Exchange' Plaza, s"Floor,Plot No. ch,G Block,sandraKurla Complex,Bandra(E), | The ManagerDepartmentof CorporateServicesBombay stock Exchange Ltd.Phircize JeejeebhoyTowerszs"Floor, DalalStreet,MUMBAI-:-400 OQ1 |
|---|---|
| 400 051MumbaiserlD Code: 5251 | Scrip Code: 514234 |
Dear Sir/Madall),
Sub.: Declaration pur$uant to regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements). 2015
i
In compliance with the provision of Regulation 33(3)(d) SEBI (Listing Obligations and Disclosure Requirements) 2015, I hereby declare that, the Statutory Auditors of the Company, MiS Rajendra & Company, Chartered Accountants (FJ1N10835~W) and Mis a,p. Dad & company, Chartered Accountants (FRN 002330C), have issued an Audit Report (Standalone & Consolidated) with unmodified opinion on Audited Financial Results of the company for the year ended 31 st March, 2020,
Kindly take the same on record.
Thanking you
For Sangam (India) Limited
~~
(S.N. Madani) Managing Director & CEO
