Soma Textile & Industries Ltd — Interim / Quarterly Report 2019

Aug 9, 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

9th August, 2019

National Stock Exchange of India Ltd,	The Corporate Relationship Dept.,
"Exchange Plaza",	BSE Ltd.,
5th Floor, Plot No.C/1, G-Block,	Piroze Jeejeeboy Towers,
Bandra - Kurla Complex,	1st Floor, New Trading Ring,
Bandra (E)	Rotunda, Dalal Street,
Mumbai - 400 051	MUMBAI - 400 001
Fax: 022 26598237/8238/8347/8348	Fax: 022 22723121/2037/2041/2061/2039/ 3719/1278/1557/3354/3577

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

Dear Sir(s),

We are sending herewith Standalone Unaudited Financial Results for the quarter ended, 30^th 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 9^th August, 2019, commenced at 12-00 NOON and concluded at $2:0.5$ 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 Unaudited Financial Results of the Company for the above mentioned period, in consonance with the requirements of Regulation 33 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 Standalone Unaudited Financial Results in the newspapers. The full format of the Quarterly ended 30^th June, 2019 Results will be made available on the Company's website at www.somatextiles.com.

We will also be uploading the 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. Somany) 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 FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

Si. No.	Particulars	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
U.	Other Income	40	53	Q	284
m	Total income (I+II)	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	$\mathbf{w}$
	c) Changes in inventories of finished goods, work -in-progress and stock-in- trade	15	$\ddagger$	122	332
	d) Employees benefits expense	131	113	398	975
	e) Finance Costs	334	340	350	1,344
	f) Depreciation and amortisation expenses	66	68	82	295
	g) Other Expenses	300	302	425	1,630
	Total Expenses	1,124	1,124	1,938	6,276
ΙV	Profit / (Loss) before exceptional items and tax (III-IV)	(319)	(373)	(693)	(2, 146)
M	Exceptional Items	(19)	(86)	430	521
M	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
lіX	Net Profit / (Loss) for the period (VII+VIII)	(338)	(551)	(263)	(1, 717)
X	Other Comprehensive Income:
	(a) Items that will not be reclassified to profit or loss		(9)	$\sim$	$\langle \mathbb{S} \rangle$
XI	Total Comprehensive Income (XI+XII)	(338)	(560)	(263)	(1,726)
XIII	Paid up equity share capital	3,303	3,303	3,303	3,303
XII	Face value of the share	10	10	10	10
XIV	Earning Per Equity Share (of Rs. 10/- each) (not annualised):
	(a) Basic	(1.02)	(1.70)	(0.80)	(5.23)
	(b) Diluted	(1.02)	(1.70)	(0.80)	(5.23)

"Notes:

The above unaudited financial results for the quarter ended June 30, 2019 were reviewed and recommended by the Audi: Committee and approved by the Board of Directors at its meeting held on August 09, 2019. The Statutory Auditors of the Company have carried out "Limited Review" of the same

This statement has been prepared in accordance with Indian Accounting Statndard (IND AS) notified under the Companies (Indian $\hat{ }$ Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) Amendment Rules, 2016

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

4 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 5 of India

$\mathfrak{S}$ 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 improve operational efficiency and the company is in the process of identifying surplus assets and will monitise the same in due course to result in sustainable cash flows addressing any uncertainties. Accordingly, the statement of financial results continues to be prepared on a going concern basis, which contemplates realization of assets and settlement of liabilities in the normal course of business.

Exceptional items for the quarter ended 30th June, 2019 represent foreign exchange fluctuation on advance to Soma Textiles FZC 8 (Overseas associate company) in earlier years.

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

10 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 separately.

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

Place: Ahmedabad Date: 09.08.2019

For, Soma Textiles & Industries Ltd.

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

@ (o) : 2465477 (M) : 937a7 15558

E-mail : akostwal@yahoo.co.in A. K. OSTWAL & CO. CHARTERED ACCOUNTANTS

Office : C-408, lnternationalTrade Centre, Majura Gate, Ring Road, Surat-395 002.

UDIN : 1 903852 1AA AACY 7 326

Independent Aud.itor's Review Report on Standalone lJnaudited Quarterly Financial Results of the Company Pursuant to the Regulation 33 of the SBBI lf,isttnS Obligations and Disclosure Requirements) Regulation, zor5 (as amended)

To the Board of Directors of Soma Textiles & Industries Limited

• r. We have reviewed the accompanying statement of standalone unaudited financial results ("the statement") of Soma Textiles & Industries Limited ("the Company"), for the quarter ended June 3o, 2019 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SIIBI (Listing Obligations and Disclosure Requirements) Regulations, zor5 (as amended), including relevant circulars issued by the SEBI from time to time.
• z. This Statement, which is the responsibility of the Company's Management and approved by the 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 r33 of the Companies Act, 2013 ('the Act'), SEBI Circular CIR/CFDIFACI6zIzot6 clated 5 July zo16 (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.
• 3.We conducted our review of the Statement in accordance with the Standards on Review Engagements (SRE) 24Lo, 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 financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in ilh the Standards on Auditing specified under Section r+g(ro) of the Act, tlli does not

E-mail : akostwal@yahoo.co.in A. K. OSTWAL & CO. CHARTERED ACCOUNTANTS

O(o) .246i477 (M) :93747 15s58

Internationalrrade centre, Majura Gate, Ring Road, surat-39s 002. Office

enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we d.o not express an audit opinion.

• 3' Wq draw your attention to point 7 of the financial results regarding preparation of the standalone financial results on going concern basis for the ,"uror, ,tutetl 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. Oul conclusion is not modified in respect of this matter.
• 4' Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accor<lance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section r33 of the Act, the SEBI Circular, and other accounting p.i";ipl"; generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEgr (Listing obligations and Disclosure Requirements) Regulations, zor5 (as amended), including the manner in which it is to be disclosed, or that it contains anv material misstatement.

For, A.K. OSTWAL & CO CHARTERED ACCOUNTANI'S F.R.N. No.: roTzooW

1\''wQ ,/ \/

ASHOK KIIMAR JAIN PARTNER M.No.: o385zr

Date: 9th August, 2otg Place: Ahmedabad