Super Spinning Mills Ltd. — Interim / Quarterly Report 2021

Nov 9, 2021

ii Super Spinning Mills Limited

Regd. & Central Office: "Elgi Towers" P.B. 7113, Green Fields, 737- D, Puliakulam Road, Coimbatore - 641 045. CIN : L17111TZ1962PLC001200

November ogth, 2021

To

Listing Department	listing Department
BSE Ltd	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	" Exchange Plaza", C-1, Block G
Dalal Street	Bandra - Kurla Complex, Bandra (E)
Mumbai - 400 001	Mumbai-400 051
Scrip Code: - 521180	Scrip Code: - SUPERSPIN

Dear Sir,

Sub: Outcome of meeting of Board of Directors of the Company pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Reg.

This is to inform that the Board of Directors of the Company at their meeting held today has inter-alia considered and approved the unaudited financial results of the Company for the quarter and half year ended 30m September 2021 along with Limited Review Report pursuant to Reg 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Please find enclosed the unaudited financial results and the limited review report dated ogth November 2021 issued by the Statutory Auditors of the Company.

The Board Meeting commenced at 11:00 AM and concluded at 12:45 PM.

This is for your kind information and records.

Thanking you, Yours truly

For Super Sp ~~l!)g Mills Ltd - \ tha G ^K~ company Secretary

Limited Review Report

To, The Board of Directors of Super Spinning Mills Limited, Coimbatore

• 1. We have reviewed the statement of unaudited Ind AS financial results of Super Spinning Mills Limited ("the Company") for the quarter and half year ended September 30, 2021, which are included in the accompanying "Unaudited Ind AS Financial Results together with the notes thereon ("the Statement"). The Statement has been prepared by the company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("the Listing Regulations 2015) read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
• 1. The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS) 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the abovementioned Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to issue a report on the statement based on our review.
• 1. We conducted our review in accordance with the Standard on review Engagement (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 perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly we do not express an audit opinion.
• 1. Based on our review conducted as 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 applicable Indian Accounting Standards ("Ind AS") specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations,2015 read with SEBI circular dated July 5,2016 including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Mis Sethia, Prabhad Hegde & Co : -r.D hartered Accountants ~ tration No. 013367S 0

UDIN: 21226267AAAACH4734

November 9, 2021 Bengaluru

Annexure

Super Spinning Mills Limited

Regd. Office: 'Elgi Towers",P.B.No.7113,737-D,Green Fields, Puliakulam Road Coimbatore - 641045

Telephone No.: 0422-231171 1 Fax No.: 0422-2311611 E-mail Id: investors@ssh.saraelgi.com Website: www.superspinning.com GIN: L17111TZ1962PLC001200

Statement of unaudited Financial Results for the quarter and half year ended September 30, 2021 under Ind AS

(Rs.in Lakhs)

SI	Particulars			Quarter ended			Half year ended	Year ended
				Sep 30, 2021	June 30, 2021	Sep 30, 2020	Sep 30, 2021	Sep 30, 2020	March 31 , 2021
No				(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(audited)
	Income from Operations
1	Net Sales / Income from operations			2,509.89	1,640.07	1,250.15	4,149.95	1,641 .78	4,888.42
2	Other Income (Net)			64.70	1.75	20.84	66.45	27.15	542.34
3	Totallncome (1+2)			2,574.59	1,641.82	1,270.99	4,216.41	1,668.93	5,430.76
4	Expenses
	Cost of materials consumed			1,552.98	1,253.95	388.44	2,806.92	598.04	2,476.74
	Purchase of stock-in-trade
	Changes in Inventories of Finished Goods, Stock-in-Trade & Work-in progress			166.91	(277.95)
	Employee benefit expenses				212.40	577.46	(111 .04)	333.21	370.55
	Power and Fuel			256.09 191 .01	148.93	181 .47 76.99	468.49 339.94	509.48 242.94	851 .82
	Finance costs			97.60	112.69	184.91	210.29	354.10	517.42
	Depreciation and amortization expense			69.84	77.93	44.46	147.77	135.55	575.73 307.68
	Other expenses			155.39	162.93	121 .57	318.32	216.79	585.27
	Total Expenses			2,489.81	1,690.87	1,575.31	4,180.68	2,390.12	5,685.21
5	Profit/(Loss) before exceptional items and tax (3-4)			84.78	(49.05)	(304.32)	35.73	(721.18)	(254.46)
	Exceptional items -( majorly includes Profit/(Loss) on sale of Assets (Net)
6	& Provision for expected credit losses)			103.59	4.20	47.03	107.79	170.41	532.06
7	Profit/(Loss) before tax (5+6)			188.37	(44.85)	(257.29)	143.51	(550.77)	2n.60
8	Tax expense
	Current tax
	Income tax provision pertaining to earlier years			452.74			452.74		519.91
	Deferred tax Total Tax Expenses			452.74			452.74		519.91
	Profit/(Loss) for the period from continuing operations (7-8)
9				(264.37)	(44.85)	(257.29)	(309.22)	(550.77)	(242.31)
10	Profit I (Loss) from discontinued operations					(444.37)		(546.85)	(546.85)
11	Tax expense of discontinued operations
12	Profit I (Loss) from discontinued operations (after tax) (10·11)					(444.37)		(546.85)	(546.85)
13	Profit/(Loss) for the period (11+12)			(264.37)	(44.85)	(701.67)	(309.22)	(1,097.62)	(789.16)
14	Other comprehensive Income, net of income tax
	a) (i) items that will not be reclassified to profit or loss
	- Remeasurement of goodwill on business combination
	- Remeasurement of property, plant and equipment
	- Remeasurement of post employment benefit obligations								(173.47)
	(ii) income tax relating to items that will not be reclassified to
	profit or loss
	b) (i) items that will be reclassified to profit or loss
	(ii) income tax relating to items that will be reclassified to profit or loss
	Total other comprehensive income , net of income tax								(173.47)
15	Total comprehensive Income for the period (13+14)			(264.37)	(44.85)	(701 .67)	(309.22)	(1,097.62)	(962.63)
16	Paid-up equity share capital			550.00	550.00	550.00	550.00	550.00	550.00
	Face value per share (Rs)			1.00	1.00	1.00	1.00	1.00	1.00
17	Earning per share (Rs) (not annualised)
	- Basic			(0.48)	(0.08)	(1 .28)	(0.56)	(2.00)	(1.43)
	- Diluted			(0.48)	(0.08)	(1 .28)	(0.56)	(2.00)	(1.43)
	Reserves i.e. Other equity			NA	NA	NA	NA	NA	9,814.10

Notes:

1 The above financial results for the quarter and half year ended September 30, 2021 as reviewed and recommended by the Audit committee of the Board, has been approved by the Board of Directors at its meeting held on November 02, 2021 . The Statutory Auditors have carried out a limited review of the above results.

Statement of Standalone assets and liabilities				(Rs. In lakhs)
Particular.;			As at	As at
			September 30, 2021	March 31, 2021
Assets			(unaudited)	(audited)
Non-current assets
Property, plant and equipment			10,965.62	11,202.36
Capital worl<. in progress Intangible assets			43.57 -	-
lnvesbnent property			52.43	52.43
Financial Assets
lnvesbnents			1,327.05	1,327.05
Other financial assets			151 .87	268.08
Other non-current assets			2,007.41	2,001 .14
			14,547.95	14,851.07
Current assets
Inventories			1,356.56	1,015.35
Financial Assets lnvesbnents
Trade receivables			295.98	115.23
Cash and cash equivalents			2.40	3.36
Other current financial assets			111 .03	173.48
Non-Current Assets Held for Sale			1,081 .52	2,051 .90
Other current assets			12.98	8.51
			2,860.47	3,367.83
Total - Assets				18,218.90
			17,408.43
Equity and Liabilities
Equity
Equity share capital Other Equity			550.00 8,811 .23	550.00 9,814.10
			9,361.23	10,364.10
Non current liabilities
Financial Liabilities
Borrowings			2,045.45	2,259.92
Provisions			324.79	182.87
Deferred tax liabilities (net)
Other non current liabilities			238.97	200.24
			2,609.21	2,643.03
Current liabilities
Financial Liabilities
Borrowings			1,266.25	809.50
Trade payables			1,463.04	1,592.43
Other current liabilities			2,649.66	2,750.79
Provisions			59.05	59.05
			5,437.99	5,211 .77
Total· Equity and Liabilities			17,408.43	18,218.90

3 The Company's main business segments namely 'Textiles" and "Rental services' meet the reportable segment thresholds given in Ind AS 108 'Operating Segments' and hence disclosed respectively. This reporting complies with the Ind AS segment reporting principles.

Particulars		Quarter ended		Half year ended		Year ended
	Sep 30, 2021 (Unaudited)	June 30, 2021 (Unaudited)	Sep 30, 2020 (Unaudited)	Sep 30, 2021 (Unaudited)	Sep 30, 2020 (Unaudited)	March 31, 2021 (audited)
Segment Revenue
a) Textiles	2,444.61	1,509.67	1,146.24	3,954.27	1,433.13	4.481 .14
b) Rental services	131 .74	130.40	103.91	262.14	208.64	407.28
c) Unallocated	-		-
Net Sales/Income from Operations	2,576.34	1,640.07	1,250.15	4,216.41	1,641 .78	4,888.42
Segment Results
Profit(+) I Loss(-) before tax and finance cost
a) Textiles	102.93	(37.01)	(192.37)	65.92	(513.87)	2.52
b) Rental services	79.44	100.65	72.97	180.10	146.79	318.75
c) Unallocated		-			-	-
Total	182.38	63.64	(119.41)	246.01	(367.09)	321.28
Add/ Less : Finance Costs	97.60	112.69	184.91	210.29	354.10	575.73
Profit/(Loss) from continuing operations	84.78	(49.05)	(304.32)	35.73	(721 .18)	(254.46)
Profit/(Loss) from discontinued operations	-		(444.37)	-	(546.85)	(546.85)
Add/ Less : Exceptional Items	103.59	4.20	47.03	107.79	170.41	532.06
Profit/(Loss) Before Tax	188.37	(44.85)	(701 .67)	143.51	(1,097.62)	(269.25)
Segment Assets
a) Textiles	13,752.84	14,581 .33	16,907.14	13,752.84	16,907.14	16,644.69
b) Rental services	3,655.60	3,675.77	3,447.66	3,655.60	3,447.66	1,574.21
c) Other unallocable corporate assets			-	-		-
Total assets	17,408.44	18,257.10	20,354.80	17,408.44	20,354.80	18,218.90
Segment Liabilities
a) Textiles	5,880.35	6,440.88	9,925.45	5,880.35	9,925.45	7,654.56
b) Rental services	2,166.85	2,190.62 -	200.24 -	2,166.85	200.24	200.24 -
c) Other unallocable corporate liabilities	8,047.20	8,631.50	10,125.68	8,047.20	- 10,125.68	7,854.80
Total liabilities Capital Employed (Segment assets-Segment liabilities)
a) Textiles	7,872.49	8,140.45	6,981 .69	7,872.49	6,981 .69	8,990.13
b) Rental services	1,488.75	1,485.15	3,247.42	1,488.75	3,247.42	1,373.97
c) Other unallocable capital employed					-	-
Total capital employed in segments	9,361 .23	9,625.60	10,229.12	9,361.23	10,229.12	10,364.10
Unallocable corporate assets less corporate liabilities	-	-	-		-	-
Total Capital Employed	9,361 .23	9,625.60	10,229.12	9,361.23	10,229.12	10,364.10

4 These statments have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with Rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular dated July 5, 2016.

5 The figures for the quarter ended September 30, 2021 are the balancing figures between unaudited figures in respect of the half year ended September 30, 2021 and unaudited published figures in respect of the financial results of the quarter ended June 30, 2021 .

Other Income includes the following:		Quarter ended		Half year ended		Year ended
Particulars	Sep 30, 2021 (Unaudited)	June 30, 2021 (Unaudited)	Sep 30, 2020 (Unaudited)	Sep 30, 2021 (Unaudited)	Sep 30, 2020 (Unaudited)	March 31, 2021 (audited)
i) Interest Income	4.02	1.75	2.53	5.77	8.55	22.35
ii) Miscellaneous Income (includes balances no longer payable, written back)	60.68		18.31	60.68	18.60	519.98
Total	64.70	1.75	20.84	66.45	27.15	542.34

7 Exceptional items disclosed in the Statement of unaudited financial results above, majorly includes Profit/(Loss) on sale of Assets on net basis.

8 To facilitate comparison, figures of the previous year have been rearranged/regrouped/recast wherever necessary.

Chairman & Managing Director DIN:00002773

Place: Coimbatore Date: November 09, 2021

Statement of cash flows for the half year ended September 30, 2021
(All amounts are in lakhs of Indian Rupees, unless otheJWise stated)
Disclosure of Statement of Cash Flows as per Regulation 33 of the SEBI (LODR) Regulations, 2015 for the half year ended September 30, 2021
Particulars	Half year ended Sep 30, 2021	Half year ended Sep 30, 2020	Year ended March 31, 2021
I. Operating Activities
Profrt before income tax	143.51	(1 ,097.62)	(269.25)
Adjustments for:
Depreciation and amortisation expense	147.77	174.02	307.68
(Profit)/ Loss on sale of assets - Net	(107.79)	(248.97)	(532.06)
Interest income	(5.77)	(8.55)	(22.35)
Finance costs	210.29	354.10	575.73
	388.01	(827.02)	59.75
Change in assets and liabilities
(Increase)/ decrease in Other financial assets	178.65	(121 .78)	49.65
(Increase)/ decrease in inventories	(341.21)	334.15	201 .95
(Increase)/ decrease in trade receivables	(180.75)	854.93 965.16	859.96
(Increase)/ decrease in Other assets	(10.73)	(330.52)	1,167.78
Increase/ (decrease) in provisions and other liabilities	17.72		1,004.13
Increase/ (decrease) in trade payables Increase/ (decrease) in general reserves	(129.39) (693.65)	(1 ,845.93) -	(4,694.56) -
Cash generated from operations	(771 .35)	(971.00)	(1 ,351 .33)
Less : Income taxes paid (net of refunds)	452.74	-	-
Net cash flow from I (used in) operating activities (I)	(1,224.08)	(971.00)	(1,351.33)
II. Investing Activities
Purchase of Property, plant and equipment (including changes in CWIP)	(44.45)	(100.00)	(306.75)
Increase/ (decrease) in Non current Assets held for sale	-		-
Sale proceeds of Property, plant and equipment	1,168.02	889.31	2,606.55
(Purchase)/ disposal proceeds of Investment Property	-		-
(Purchase)/ disposal proceeds of Investments
(Investments in)/ Maturity of fixed deposits with banks
Interest income	5.77	8.55	22.35
Net cash flow from I (used in) Investing activities (II)	1,129.33	797.86	2,322.16
Ill. Financing Activities
Proceeds from issue of equity share capital (net of share application money)
Proceeds from/ (repayment on long term borrowings	(152.67)	17.44	2,403.27
Proceeds from/ (repayment on short term borrowings	456.74	499.66	(2,758.16)
Unsecured loans and deposits
Finance costs	(210.29)	(342.77)	(622.79)
Net cash flow from I (used in) Financing activities (Ill)	93.78	174.33	(977.67)
Net decrease in cash and cash equivalents (1+11+111)	(0.97)	1.19	(6.85)
Cash and cash equivalents at the beginning of the financial year	3.36	10.21	10.21
Cash and cash equivalents on merger	-		-
Add/(Less): Effects of exchange rate differences on cash and cash equivalents	-		-
Cash and cash equivalents at end of the year	2.40	11.40	3.36
Notes:
1. The above cash flow statement has been prepared under indirect method prescribed in Ind AS 7 'Cash Flow Statements'.
2. Components of cash and cash equivalents
Balances with banks
-in current accounts	0.87	4.55	1.77
-in deposit accounts	-		-
Cheque in Transit			-
Cash on hand	1.53	6.85	1.59
	2.40	11 .40	3.36
		For' per Spinning	ills Limited
		~~
Place: Coimbatore	Chairman & Managing Director
Date: November 09, 2021		DIN:00002773