Soma Textile & Industries Ltd — Interim / Quarterly Report 2019

Sep 6, 2019

SOMA TEXTILES & INDUSTRIES LTD.

(A GOVT. RECOGNISED EXPORT HOUSE) Head Office & Unit No. 1: Rakhial Road, Ahmedabad-380 023, India. Tel.: + 91 (79) 2274 3285 - 8, Fax: + 91 (79) 2274 5653 Website: www.somatextiles.com e-mail:soma_ahm@somatextiles.com

STIL/ACCTS/AHD/2019-20

6th September, 2019

National Stock Exchange of India Ltd, "Exchange Plaza", 6th Floor, Plot No.C/1, G-Block, Bandra – Kurla Complex, Bandra (E) Mumbai - 400 051	The Corporate Relationship Dept., BSE Ltd., Piroze Jeejeeboy Towers, 1st Floor, New Trading Ring, Rotunda, Dalal Street, MUMBAI - 400 001
Fax: 022 26598237/8238/8347/8348	Fax: 022 22723121/2037/2041/2061/2039/ 3719/1278/1557/3354/3577

Sub: Submission of Consolidated Unaudited Financial Results for the quarter ended 30th June, 2019, duly accompanied by a "Limited Review Report" of Statutory Auditors of the Company.

Dear Sir(s),

We are sending herewith Consolidated Unaudited Financial Results for the quarter ended, 30th June, 2019, duly reviewed and recommended by the Audit Committee and approved by the Board of Directors, of the Company, in their respective meetings held today i.e. on Friday the 6th September, 2019, commenced at 12-00 NOON and concluded at $1:45$ P.M., together with "Limited Review Report" of our Statutory Auditors, M/s. A. K. Ostwal & Co., Chartered Accountants, Surat, who have carried out the Limited Review of Consolidated Unaudited Financial Results of the Company for the above mentioned period, in consonance with the requirements of Regulation 33(3)(b) of the SEBI (LODR) Regulations, 2015, called as SEBI Listing Regulations, 2015.

Pursuant to Regulation 47(1)(b) of the SEBI (LODR) Regulations, 2015, we will be publishing the extract of the Consolidated Unaudited Financial Results in the newspapers. The full format of the Quarterly ended 30^th June, 2019 Consolidated Results will be made available on the Company's website at www.somatextiles.com.

We will also be uploading the Consolidated Unaudited Financial Results on the website of Stock Exchanges i.e. BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com).

Kindly take the same on your record.

Thanking you,

Yours faithfully, For Soma Textiles & Industries Limited,

$(A, K. Soman)$ . Managing Director

Encl: As Above

Registered Office: 2, Red Cross Place, Kolkata-700 001, India. Tel.: +91 (33) 2248 7406-7 Fax: +91 (33) 2248 7045 e-mail: rsharma@somatextiles.com Corporate Office : 6, Vaswani Mantion, Dinshaw Wachha Road, Backbay Reclamation, Mumbai-400 020, India.

Tel.: +91 (22) 2282 6076-77 Fax: +91 (22) 2285 1173 e-mail: soma_mum@somatextiles.com CIN: L51909WB1940PLC010070 Subject to Ahmedabad Jurisdiction

SOMA TEXTILES & INDUSTRIES LTD.

Regd. Office: 2, Red Cross Place. Kolkata-700.001 CIN:L51909WB1940PLC010070

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

	21NTCBCG1 OL AMMANIED CARSACING EN LEADLAINE DEARCH AT AUX 11		ge (In Lakhs)
		Quarter Ended			Year Ended
		30.06.2019	31.03.2019	30.06.2018	31.03.2019
		Unaudited	Refer Note 9	Unaudited	Audited
	income from operation	765	698	1,236	3,846
伟	Other Income	40	53	g	284
ш	Total income ([+i]).	805	751	1,245	4,130
W	Expenses:
	a) Cost of Materials consumed
	1) Raw material		63	317	744
	2) Dyes, Chemical and, Packing material	278	237	244	956
	b) Purchases of stock -in-trade
	ic) Changes in inventories of finished goods, work -in-progress and stock- in-trade	15	ł	122	332
	d) Employees benefits expense	131	113	398	\$75
	e) Finance Costs	334	340	350	1,344
	f) Depreciation and amortisation expenses	66	68	82	295
	g) Other Expenses	300	302	425	1,830
	Total Expenses	1.124	1,124	1,938	6,276
	Profit / (Loss) before exceptional items and tax (III-IV)	(319)	(373)	(693)	(2, 146)
VI	Exceptional Items	(19)	(86)	430	521
lvii	Profit / (Loss) before tax (V+VI)	(338)	(459)	(263)	(1,625)
VIII	Tax expense
	(a) Deferred tax		(92)		(92)
	(b) Tax in respect of earlier years
DX	Net Profit / (Loss) for the period (VII+VIII)	(338)	(551)	(263)	(1, 717)
x	Share of Profit/(Loss) of associates	(1)	(1)	(1)	(3)
Ixi	Not Profit / (Loss) for the period (IX +/- X)	(339)	(552)	(264)	(1,720)
XB	Other Comprehensive Income:				(9)
	(a) items that will not be reclassified to profit or loss	(339)	(9) (551)	(264)	(1, 729)
XIII	Total Comprehensive Income (XI+XII)			3.303	3,303
XIV	Paid up equity share capital	3,303 10	3,303 10	10	10
XV	Face value of the share
NXI	Earning Per Equity Share (of Rs. 10/- each) (not annualised):
	(a) Basio	(1.03)	(1.70)	(0.80)	(5.23)
	(b) Diluted	(1.03)	(1.70)	(0.80)	(5.23)

Biotes

$\Delta$

$\mathbf{g}$

$\mathbb{Z}^{N}$ .

The above unaudited consolidated financial results for the quarter ended June 30, 2019 were reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on September 06, 2019. The Statutory Auditors of the Company have carried out "Limited Review" of the same.

nave carine our Limited research of the same.
This statement has been prepared in accordance with Indian Accounting Statidard (IND AS) notified under the Companies (Indian
Accounting Standards) Rules, 2015 as amended by th $\overline{2}$

Effective 1st April, 2019, the Company has adopted Ind AS 116. The comparative information is not restated in the financials results. The $\overline{3}$ adoption of this standard does not have any material impact to the financial results of the Company.

Income Tax including deferred tax will be determined and provided for at the end of the financial year.

Earning Per Share (EPS) has been calculated as per indian Accounting Standard (IAS-33) issued by the Institute of Chartered Accountants of india.

The Company has identified 'Textile' Business as its only primary reportable segment in accordance with the requirement of Ind AS 108, 'Operating Segments'. Accordingly, no separate segment information has been provided.

The Company has incurred a loss during the quarter and has negative net worth as at 30th June 2019. However, various initiatives undertaken by the Company in relation to saving cost, optimize revenue management opportunities and enhance ancillary revenues are expected to result in improved operating performance. Further, our continued thrust to impr expected to result in improvement performance. Future, our continues the process of dentifying surplus assets and will monitore since small in due course to result in sustainable cash flows addressing any the process of id

$\mathbf{a}$ (Overseas associate company) in earlier years.

The figures of the quarter ended 31st March, 2019 are the balancing figures between audited figures in respect of the full financial year and $\overline{g}$ the unaudited published year to date figures upto 31st December, 2018 which were subjected to limited review.

Presently the Company is processing fabrics only on job work basis, therefore there is no consumption of own raw materials. Earlier Dyes, Chemical and Packing material were grouped in Other Expenses, now it is disclosed se $10 - 10$

$\overline{11}$ Previous period's figures have been regrouped/recast/reclassified, wherever necessary, to correspond with the current period's classification/ disclosure.

For, Soma Textiles & Industries Ltd.

Place: Ahmedabad Date: 06.09.2019

(A. K. Somany) (DIN: 00024903) (Managing Director)

A. K. 0STWAL & co. CHARTERED ACCOUNTANTS

(0(0) : 2465477 (M) : 93747 15558 fi—fi

Office : C-408, International Trade Centre. Majura Gate, Ring Road, Surat~395 002.

UDIN:19038521AAAADC1369

Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results of the Company Pursuant tothe Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (as amended)

To the Board ofDirectors ofSoma Textiles & Industries Limited

• 1~ We have reviewed the accompanying Statement ofConsolidated Unaudited Financial Results ("the statement") of Soma Textiles & Industries Limited ("the Holding Company"), and its Associates for the quarter ended June 30, ²⁰¹⁹ ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (as amended), read with SEBI Circular No. CIR/,CFD/CMDl/44/2019 dated 29th March, 2019. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended 30th June, ²⁰¹⁸ and the previous quarter ended 31st March, 2019, as reported in these consolidated unaudited financial results have been approved by the Holding Company's Board of Directors, but have not been subjected to review. '
• 1. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section ¹³³ of the Companies Act, ²⁰¹³ ('the Act'), SEBI CircularCIR/CFD/FAC/62/2016 dated SIthly, 2016 (hereinafter referred to as 'the SEBI Circular'), and other accounting principles generally accepted in India. Our responsibility is to express ^a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. ^A review of interim fina/yJ-r ----- ation consists of making inquiries, primarily of persons responsible for fina «'a . 'ng matters, and applying analytical and other review ss in scope than an audit conductedin accordance with

the Standards on Auditing specified under Section 143(10) of the Act, and consequently. does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performedlprocedures in accordance with the SEBI Circular ClR/CFD/CMDI /44/2019 dated ²⁹ March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

. The Statements includes the results of the following entities:

Holding Company : Soma Textiles & Industries Limited Associate : Soma Textiles FZC

• . Based on our review conducted and procedure performed as stated in paragraph ³ above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down the aforesaid lndian Accounting Standards and other accounting principles generally accepted in lndia, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation ³³ of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.
• . We draw your attention to point ⁷ of the financial results regarding preparation of the standalone financial results on going concern basis for the reason stated therein. The appropriateness of the assumption of going concern is dependent upon realization of various initiatives undertaken by the Company and/or the Company's ability to raise requisite finance/
• generate cash flows in future to meet its obligation. Our conclusion is not modified in respect of this matter.
• . The statement includes share of loss of Rs. 0.74 Lakhs of associate, based on their interim financial information, which have not been reviewed by their auditors, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, and our report in terms of Regulation ³³ of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended), read with SEBI Circular, in so far as it relates to aforesaid associate, are based solely on such unreviewed interim financial results. According to the information and explanations given to us by the management, this interim financial result is not material to the Holding Company. Our conclusion is not modified in respect of this matter.

For, A.K. OSTWAL & co CHARTERED ACCOUNTANTS F.R.N. No.: 1o7200w

ASHOK KUMAR IAIN ' PARTNER M.No.: 038521

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Date: 06/09/2019 Place: Ahmedabad