Sumeet Industries Ltd — Earnings Release 2022

Aug 4, 2021

REGD. OFF. : 504, TRIVIDH CHAMBER, 5TH FLOOR, OPP. FIRE BRIGADE STATION, RING ROAD, SURAT - 395 002, INDIA. Phone : (91-261) 2328902 Fax : (91 261) 2334189 E-mail : info@sumeetindustries.com Visit us at : www.sumeetindustries.com

Date: 04/08/2021

To, To, BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra Kuria Complex, Dalai Street, FORT, Bandra (E), Mumbai - 400 001 Mumbai : 400 051

Department of Corporate Services National Stock Exchange of India Ltd

Scrip Code - 514211 Symbol - SUMEETINDS

Sub. : Out Come of the Board Meeting held on 4th August 2021

Dear Sir/Madam,

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors in its meeting held today, 4th August 2021, have, inter alia, considered and approved the following:

• 1. Un-audited Standalone and Consolidated Financial Result of the Company for the quarter ended June 30, 2021 along with Limited Review Report for Standalone and Consolidated Financial Result for the period ended 30th June, 2021, issued by M/s. H Tosniwal & Co., Chartered Accountants, Statutory Auditors of the company.
• 1. Audit Committee and Nomination and Remuneration Committee has been reconstituted. The compositions of the said committee(s) are as follows:

AUDIT COMMITTEE:
Name of Director	Chairman/Member
Mr. Manojkumar Ganeshmal Jain	Chairman - Independent
Mr. Sumeet Shankarlal Somani	Member - Executive
Mr. Saurav Santosh Dugar	Member - Independent

REGD. OFF. : 504, TRIVIDH CHAMBER, 5TH FLOOR, OPP. FIRE BRIGADE STATION, RING ROAD, SURAT - 395 002, INDIA. Phone : (91-261) 2328902 Fax : (91 261) 2334189 E-mail : info@sumeetindustries.com Visit us at : www.sumeetindustries.com

NOMINATION & REMUNERATION COMMITTEE:
Name of Director	Chairman/Member
Mr. Manojkumar Ganeshmal Jain	Chairman - Independent
Mr. Vikash Kumar Kamalsingh Chandaliya	Member - Independent
Mr. Saurav Santosh Dugar	Member - Independent

There is no change in composition of Stakeholders' Relationship Committee and Corporate Social Responsibility Committee.

An extract of the aforementioned results will be published in the newspapers in accordance with the Listing Regulations.

This is for your information and record please.

Thanking you. For Sumeet Industries Limited

Anil Kumar Jain Company Secretary

REGD. OFF. : 504, TRIVIDH CHAMBER, 5TH FLOOR, OPP. FIRE BRIGADE STATION, RING ROAD, SURAT - 395 002, INDIA. Phone : (91-261) 2328902 Fax : (91 261) 2334189

E-mail : info@sumeetindustries.com Visit us at : www.sumeetindustries.com

	(T in Lakhs)
STATEMENT OF STANDALONE AND CONSOLIDATED UN-AUDITED FINANCIAL RESULTS FOR THEQUARTER ENDED 30TH JUNE, 2021
	PARTICULARS	STANDALONE				CONSOLIDATED
		QUARTER ENDED			YEARENDED	QUARTER ENDED			YEARENDED
			30/06/21 31/03/21 30/06/20 31/03/21 30/06/21 31/03/21					30/06/20	31/03/21
		Un-Audited	Audited	Un-Audited	Audited	Un-Audited	Audited	Un-Audited	Audited
	1 Revenue from operations		18349.12 23159.00				5252.31 57386.63 18349.12 23159.01		5252.31 57386.64
	2 Other Income	35.02	159.52	6.04	290.35	35.02	159.52	6.04	290.35
	Total Income		18384.14 23318.52				5258.35 57676.98 18384.14 23318.53		5258.35 57676.99
	3 Expenses:
	(a) Cost of materials consumed	12837.87	17262.94		4567.04 40589.78 12837.87		17262.94		4567.04 40589.78
	(b) Purchases of stock-in-trade	0.00	-1.53	0.00	98.07	0.00	-1.53	0.00	98.07
	(c) Changes in inventories of finished	353.58	-809.59	480.30	435.16	353.58	-809.59	480.30	435.16
	goods, work-in-progress and Stock-inTrade
	(d) Employee benefits expense	521.59	733.39	238.01	1877.60	521.59	733.39	238.01	1877.60
	(e) Finance costs (Refer note no.3)	628.35	239.28	48.51	316.85	628.35	239.29	48.51	316.86
	(f) Depreciation and amortisation expense	780.99	944.34	873.28	3579.77	780.99	944.34	873.28	3579.77
	(g) Other expenses	3250.52	4224.23		73.85 11985.41 3250.52		4228.32	73.85	11989.50
	Total Expenses		18372.90 22593.06				6280.99 58882.64 18372.90 22597.16	6280.99	58886.74
	4 Profit / (Loss) from continuing Operarionsbefore Exeptional items	11.24		725.46 -1022.64	-1205.66	11.24	721.37	-1022.64	-1209.75
	5 Exceptional items	0.00	0.19	0.00	0.19	0.00	0.19	0.00	0.19
	6 Profit / (Loss) from continuing	11.24		725.27 -1022.64	-1205.85	11.24	721.18	-1022.64	-1209.94
	Operarions before tax
	7 Tax expense:
	(a) Current tax	-	0.00	-	0.00	-	0.00	-	0.00
	(b) Deferred tax	-	-498.31	-	-498.31	-	-498.31	-	-498.31
	(c) MAT Credit	-	0.00	-	0.00	-	0.00	-	0.00
	(d) Taxation of previous year	-	0.00	-	0.00	-	0.00	-	0.00
	8 Profit (Loss) for the period	11.24		1223.58 -1022.64	-707.54	11.24	1219.49	-1022.64	-711.63
	9 Other Comprehensive Income:
	A. Items that will not be reclassified to profitor loss
	(i) Remeasurements of defined benefitsobligations	0.00	43.99	0.00	43.99	0.00	43.99	0.00	43.99
	Less : Income tax relating to above item	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	(ii) Fair value of equity instuments throughother comprehensive income	0.82	0.69	-0.41	1.87	0.82	0.69	-0.41	1.87

REGD. OFF. : 504, TRIVIDH CHAMBER, 5TH FLOOR, OPP. FIRE BRIGADE STATION, RING ROAD, SURAT - 395 002, INDIA.

Phone : (91-261) 2328902 Fax : (91 261) 2334189

E-mail : info@sumeetindustries.com Visit us at : www.sumeetindustries.com

Less : Income tax relating to above item	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
B. items that will be reclassified to profit or
loss(i) Exchange Difference in translating thefinancial statement of a foreign operation	0.00	-91.14	-5.78	0.00	0.00	483.50	-5.78	574.64
(ii) Income tax relating to items that will bereclassified to profit or loss	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Comprehensive Income net of Taxes	0.82	-46.46	-6.19	45.86	0.82	528.18	-6.19	620.50
10 Total Comprehensive Income for theperiod	12.06		1177.12 -1028.83	-661.68	12.06	1747.67	-1028.83	-91.13
11 Paid up Equity Share Capital (Face valueRs.10/-)						10364.24 10364.24 10364.24 10364.24 10364.24 10364.24		10364.24 10364.24
12 Other Equity (excluding RevaluationReserve) as per Balance Sheet of previousaccounting year.	-	-	-	-	-	-	-	-
13 Earnings per equity share of Rs.10/- each(For continuing and total operations) - not
annualised(a) Basic	0.01	1.14	-0.99	-0.64	0.01	1.69	-0.99	-0.09
(b) Diluted	-	-	-	-	-	-	-	-

NOTES :-

• 1 The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 4th August, 2021 and Limited Review of the same has been carried out by the statutory auditors of the Company.
• 2 During the quarter under review provision for interest of Rs. 6.25 Crore (P.Y.:Nil) provided in accordance with Rsolution Plan submitted to the Consortium Banks.
• 3 The Company has considered the impact of COVID-19 as evident so far in the above published financial results. The Company will continue to closely monitor any material changes to future economic conditions.
• 4 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.
• 5 The Company is operating in Textile Business only therefore, there is only one reportable segment in accordance with the Accounting Standards AS-17 issued by !CAI.
• 6 The figures of previous period are regrouped/reclassified wherever necessary to correspond to the figures of the current reporting period.

FOR SUMEET INDUSTRIES LIMITED

Place: Surat Date: 04/08/2021

SHANKARLAL SOMANI CHAIRMAN

Limited Review Report on Standalone Unaudited Financial Result for the Quarter ended on 30th June, 2021

To, The Board of Directors, Sumeet Industries Limited 504, Trividh Chamber, Opp. Fire Station, Ring Road, Surat-395002 Gujarat, India

We have reviewed the accompanying statement of unaudited financial results of Sumeet Industries Limited for the period ended 30th June 2021. This statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review.

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. This standard requires that we plan and perlOrm the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not perfbrmed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

FOR H. TOSNIWAL & CO. CHARTERED ACCOUNTANTS

CA. HARISHANKAR TOSNIWAL PARTNER FRN:0111032W M. NO. 055043 PLACE : SURAT DATE : 04/08/2021 UDIN : 21055043AAAAMP6826

Independent Auditor's Review Report on Consolidated Unaudited quarterly financial results for the period ended on 30/06/2021 of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To, The Board of Directors, Sumeet Industries Limited 504, Trividh Chamber, Opp. Fire Station, Ring Road, Surat-395002 Gujarat, India

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results ("the Statement") of Sumeet Industries Limited and its subsidiary (the Parent and its subsidiary together referred to as "the Group") and its share of the net profit/(loss) after tax and total comprehensive income / for the quarter ended 30th June, 2021 being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Attention is drawn to the fact that the consolidated figures for the corresponding quarter ended 30th June, 2021 as reported in these financial results have been approved by the Parent's Board of Directors, but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent'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, 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 (SIZE?) 241() "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 accordance with Standards on Auditing 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 performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

11111111111111111•11111111111

Contd.....2

• 1. The Statement includes the results of the following entities: Sumeet Global PTE Ltd (wholly owned subsidiary).
• 1. Based on our review conducted and procedures 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 the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to he disclosed, or that it contains any material misstatement.
• 1. The consolidated unaudited financial results include the interim financial results of one subsidiary which has not been reviewed by its auditor, whose interim financial results reflect total revenue of Rs. Nil, total net (loss) after tax of Rs. Nil and total comprehensive loss of Rs. Nil for the quarter ended 30th June, 2021, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.
• 1. Our conclusion on the Statement is not modified in respect of the above matter.

FOR H. TOSNIWAL & CO. CHARTERED ACCOUNTANTS

CA. HARTS ANKAR TOSNIWAL PARTNER FRN:0111032W IM. NO. 055043 PLACE : SURAT DATE 04/08/2021

UDIN : 21055043AAAAMQ4030