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Vardhman Polytex Ltd. Capital/Financing Update 2024
62361_rns_2024-11-14_13decbbc-7400-41ec-86bb-3b276f97b032.pdf
Capital/Financing Update
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November 74,2024
| The Listing Department, | The Listing Department, |
|---|---|
| National Stock Exchange of India Limited | BSE Limited |
| "Exchange Plaza", C-1, BIock-G, | 25th Floor, |
| Bandra - Kurla Complex, | P.J. Towers, |
| Bandra (E), | Dalal Street Fort, |
| Mumbai - 400051 | Mumbai- 400001 |
| SCRIP CODE: VARDMNPOLY | SCRIP CODE:514175 |
Subject: Intimation under Regulation 3o of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2o15 - outiome o1 goaia Meeting
Dear Sir/ Madam,
Pursuant to Regulation 3o and other applicable regulations of SEBI (LoDR) Regulations , zol5, we hereby inform that the board of directors of [fre company at its meeting held today i.e., Thursday, 14th November, 20.24 have, inter alia considered and approved the following:
1' Unaudited Financia! Resutts of the Company for the quarter ended 3oth September,2O24.
Pursuant to Regulation 30 read with Part A of Schedule III and Regulation 33 of SEBI (Listing obligations and Disclosure Requirements), Regulations 2o1s, we are enclosing herewith Unaudited Financial Results of the company for the quarter ended 30th september,2024 together with Limited Review neport as approved by Board of Directors in its meeting held on 14th November, 2024.
2. Monetization of Land at Bhatinda Unit to Augment Funds
we wish to inform you that the Manag.ement of the Company is currenuy exploring various avenues for the monetization of land situated at its Bhatinda Unit. Tl-ris initiative is part of the company's ongoing strategy to augment funds with the dual objeciive of repaying outstanding liabilities to lenders and sup[orting the company's future!rowth initiatives.
The Company is evaluating various potential opportunities and this will be done in a manner that maximizes value while ensuring the Company's long-term strategic objectives are aligned with its financial goals,
we will keep the stock exchanges and shareholders informed of any significant developments in this regard or matLrial events that may arise from these discussions.
3. Allotment of z,gLrootooo shares on conversion of 2grlorooo warrants
This is in furtherance to the intimation given by the company on June 27,2023 w.r.t allotment of 1,30,00,000 converLible warrants on preferential basis to non-promoters at aprice of Rs'40.50 per warrant convertible into equal number of equity shares of Rs.10 each after receipt of subscription amount being 25i/o ofthe issue prife irom the allottees ar'd subsequent to sub-division/stock-split wle,f Nay ra, 2024, all warrant allottees warrant (pending for conversion) are eligible to get 10 shares allotted against conversion of each they have subscribed.
Vardhman Polytex Ltd An Oswal Group'Company Cl N : Ll 7 1 22 PB 1 980PLC004242
Regd. & Corp. Office: Vardhman Park, Chandigarh Road, Ludhiana-1 41 123 Punjab (lndia). Tel: +91 -1 61 - 6629888
Board of Directors of the Company in its meeting held today i.e November 14, 2024 have considered and approved the allotment of 2,91,00,000 Equity shares of the face value of Re.1/-each as fully paid-up shares at a price of Rs.4.05 per equity share (including premium of Rs.3.05/share), consequent upon the conversion of 29,10,000 Warrants issued earlier for Rs.40.50, after adjusting the number of shares, paid-up capital per share and premium per share post sub-division of nominal value of the Equity Share of the Company from 1 Equity Share of Rs. 10/- each to 10 Equity Shares of Re.1/- each out of the balance 50,00,000 warrants on preferential basis, upon receipt of an amount aggregating to Rs.8,83,91,250/- (Rupees Eight Crore Eighty-Three Lacs Ninety-One Thousand Two Hundred Fifty only) being 75% of the issue price per warrant from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018 and list of allottees along with name of warrant holders whose warrants are pending for conversion is enclosed as Annexure-1.
Consequent to this conversion of warrants/allotment of Equity Shares, 20,90,000 warrants remain pending for conversion and these warrant holders are entitled to get their warrants converted into Equity Shares of the Company by paying remaining 75% within 18 months from the date of warrant allotment.
Pursuant to present conversion, Paid-up Equity Share Capital of the Company stands increased to Rs.41,50,69,004/- consisting of 41,50,69,004 fully paid-up Equity Shares of Rs. 1/-each.
The new equity shares so allotted, shall rank pari passu with the existing equity shares of the Company.
Disclosure under Regulation 30 of SEBI Listing Regulations read with SEBI circular dated July 13, 2023 are provided in Annexure-2.
The meeting of Board of Directors commenced at 4.30 PM and concluded at 5.00 PM.
Kindly take the same in on your record.
Thanking you,
For Vardhman Polytex Limited
Ajay Kumar Digitally signe Date: 2024.11.14 Ratra
Ajay K. Ratra Company Secretary
Encl: Annexure1 & 2
Vardhman Polytex Ltd An Oswal Group Company CIN: L17122PB1980PLC004242
Regd. & Corp. Office: Vardhman Park, Chandigarh Road, Ludhiana-141123 Punjab (India). Tel: +91-161-6629888
Annexure-1
The names of the allottees of Equity shares pursuant to conversion of warrants allotted on preferential basis:
Cateqorv: Non-promoter
| Sr. No. |
Name of Allottee |
Warrants pending before conversion |
No. of warrants applied for conversion |
No. of equity shares a!lotted* |
Amount received being 75o/o of issue price (Rupees) |
Warrants pending after conversion |
|---|---|---|---|---|---|---|
| 1 | Anupama Kotha ri |
50,00,000 | 29,1 0,000 | 2,91,00,000 | B,B3,gl,25o/- | 20,90,000 |
sub-division *No' of equity share-s allotted, upon conversion of warrants after considering the effect of in Nominar varue of the company,s Equity staies.'--' -v"r'ev""l
Vardhman Polytex Ltd An Oswal Group'Company CIN: L] 71 22P81 980P1C004242
Regd. & Corp. Office: Vardhman Park, Chandigarh Road, Ludhiana-1 41 123 Punjab (lndia). Tel: +91 -1 61 - 6629888
Annexure-2
The details relating to Preferential Issue of convertible warrants as required under Regulation under: 30 of the sEBI (LoDR) Regulations, 2015 read with sEBI circular dated July 13, 2023 are as
| Sr. No. | Particulars | |
|---|---|---|
| 1 | Type of securities issued | ils D |
| Equity Sha res upon conversion of Warrants |
||
| 2 | Type of Issuance | Prefere ntial al lotme nt on a private pl aceme nt ba S iS n acco rd nce with the provisi ons of the Com pa niES Act, 2 0 1 3 & the rU les m ade the reu nd e r an d SE BI Issue of Cap ita I a nd D isclos U re Req U remen tS Reg ulation S 20 18 a men de d aS oth er a nd a pp cab le laWS. |
| 3 | Total numbe r of securities proposed to be issued or the total amount for which the securities will be issued |
Alt otment of 2 9 1 00 0 0 0 Eq uity shares of the face of Rs 1/-each val UC fu ltY pa id u p shares AS at a p nce of Rs ,4 05 pe r ty eq U share in clu di ng p re m iu m of Rs. 3 05/:S ha re ) conseq u ent u pon the conversion of 2 9 1 0 0 00 Wa rra nts issued earlief fo Rs 40 50 after a djusti the n9 n u mber of shares, pai d up ca pita per sh re a nd pre mi U m per sha re p ost S u b-d rvtston of nom ina of th Eq uity VA u e Sh are of the Co m pa ny from 1 Eq uity Sha re of Rs 70/ each to 1 0 Equ ity Sh a res of Re 1/ ach U pon receipt of amou nt a n agg regati ng to Rs .8, 83, 9 1 2 5 0/ Ru pees E ig ht Cro ghty-Three re Lacs N Two Hu OUSA |
| 4 | Any cancellati on or termination of proposal for issuance of securities including reasons thereof. |
on Fi Not Applicable |
| Additional informaEon in case of Preferential fssue |
||
| 5 | Name of Investors | M rs. Anupama Kothari |
| 6 | Post allotment of securities Outcome of the subscription |
Upon this allotm, ent of shares, the post allotment paid-up capital stands at Rs. 41,50,69,004/- consisting of 41, 50,69,004 equity shares of Re.1 each. |
| Issue price/allotted price (in case of convertibles), |
Issue Price of Warrant was Rs.40.5O/warrant and warrants were allotted on June 27,2023 carrying a right to subscribe to 1 Equity Shaie per warrant on receipt of amount at the rate of ifs,10.125 per warrant (being 25o/o of the issue price per warrant). |
|
| Su bsequ e nt to e f stock S pl it 1 8 2024 Mav a il WA rra nt al lottees Iet are eligi b le to 10 sha res otted a a n co NVCTS ion each o rra nt |
Vardhman Polytex Ltd An Oswal Group'Company CIN: L1 71 22P81 980P1C004242
Regd. & Corp. Office: Vardhman Park, Chandigarh Road, Ludhia na-1 41 123 Punjab (lndia). Tel: +91 -1 61 - 6629888
| have su bscri bed Hence 2, 9 1 ,00, 000 Eq uity Sha res of Re 1 each have bee n a ilotted recei pt of on balance amount at the rate of per Rs 3 0 37 5 warrant (being 75o/o of the issu e price pe WA rr nt) |
||
|---|---|---|
| Number of investors | Number of allottees:1 (One) | |
| 7 | In case of convertibles- i ntimation on conversion of securities or on lapse of the tenure of the instruments |
The tenure of the warrants shall not exceed 1g (eighteen) months from the date of allotment. Each warrant shall now carry a right to subscribe 10 (Ten) Equity Share per warrant, which may be exercised in one or more tranches during the period commencing from the date of allotment of warrants until the expiry of 1g (eighteen) months from the date of allotment of the warrants. An amount equivalent to 25o/o of the Warrant Issue Price was received at the time of subscription and allotment of each Warrant and the balance 75yo shall be payable by the Warrant holder(s) on the exercise of Warrant(s); In the event that, a warrant holder does not exercise the warrants within a period of 1B (Eighteen) months from the date oi allotment of such warrants, the unexercised warrants shall lapse and the amount paid by the warrant holders on such Warrants shall stand forfeited by the Company In the case of this allotment, total consideration in respect of 29,10,000 convertible warrants is received and 2,91,00,000 equity shares are allotted p ursu ant to exerciSC of the conversion of |
| conve rti bt e wa rr |
Vardhman Polytex Ltd An Oswal Group'Company CIN: Ll 71 22PBl 980P1C004242
Regd. & Corp. Office: Vardhman Park, Chandigarh Road, Ludhia na-l 41 123 Punjab (lndia). Tel: +91 -1 61 -6629888
| clN: L17122PB1980PLC 004242, PHONES: 0161-2685301-04, 6629888, FAX : 6629888, E-Mail- [email protected], Web: www.ypl.ir | Regd. Office: "Vardhman Park, Chandigarh Road, Ludhiana - 141123. | ARDONNAIN POLITIEA LID. |
|---|---|---|
| -------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- | -------------------------------- |
| Quarter ended | Halfy | rear ended | (Rs. In Lakh) | ||||
|---|---|---|---|---|---|---|---|
| SI. No Particulars | 30th Sep | 30th June | 30th Sep | 30th Sep | 30th Sep | Year ended 31st Mar |
|
| 2024 | 2024 | 2023 | 2024 | 2023 | 2024 | ||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| Revenue from operations | 6,439.83 | 6,403.43 | 10,060.48 | 23,613.89 | 37,063.81 | ||
| $\sim$ $\overline{ }$ | Other income | 935.70 | 503.81 | 178.92 | 12,843.26 1,439.51 |
2,157.84 | 2,897.18 |
| $\boldsymbol{\omega}$ | Total Income (1+2) | 7,375.53 | 6,907.24 | 10,239.40 | 14,282.77 | 25,771.73 | 39,960.99 |
| 4 | Expenses | ||||||
| A) Cost of material consumed | 5,140.76 | 5,498.56 | 8,556.27 | 10,639.32 | 20,823.35 | 32,034.82 | |
| B) Purchase of Stock in Trade | 22.48 | 22.48 | |||||
| C) Changes in inventories of finished goods, stock in trade and | (44.01) | (3.63) | 1,165.67 | (47.64) | 205.98 | 471.75 | |
| work in progress | |||||||
| D) Employee benefit expense | 706.45 | 765.10 | 983.29 | 1,471.55 | 2,121.85 | 3,828.45 | |
| E) Finance costs | 260.03 | 443.85 | 1,296.26 | 703.89 | 2,579.40 | 335.25 | |
| F) Depreciation and amortisation expense | 232.49 | 233.11 | 264.94 | 465.60 | 539.11 | 1,047.95 | |
| G) Power & Fuel Cost | 643.52 | 643.03 | 902.24 | 1,286.55 | 2,167.91 | 3,473.75 | |
| H) Other Expenditure | 350.88 | 402.58 | 477.45 | 753.46 | 635.89 | 1,445.00 | |
| Total Expenses | 7,312.60 | 7,982.60 | 13,646.12 | 15,295.21 | 29,073.49 | 42,636.97 | |
| S | Profit from operations before tax and exceptional items (3-4) | 62.93 | (1,075.36) | (3,406.72) | (1,012.44) | (3,301.76) | (2, 675.98) |
| e | Exceptional items : Income / (Loss) | ||||||
| ┙ | Profit/(Loss) before tax and after exceptional items (5-6) | 62.93 | (1, 075.36) | (3,406.72) | (1,012.44) | (3,301.76) | (2, 675.98) |
| $\infty$ | Tax expenses | ||||||
| 6 | Net Profit/(Loss) after tax (7-8) | 62.93 | (1,075.36) | (3,406.72) | (1,012.44) | (3,301.76) | (2, 675.98) |
| Other comprehensive income/ (loss), net of taxes | (8.03) | (8.03) | (5.95) | (16.06) | (11.91) | (32.11) | |
| 5 | Total Comprehensive Income/(Loss) for the period [Comprising Profit / (loss) for the period (after tax) and Other |
54.90 | (1,083.39) | (3,412.67) | (1,028.5) 으 |
(3,313.67) | (2,708.09) |
| Comprehensive Income/(Loss) (after tax)] | |||||||
| 11 | (Refer note 5) Paid-up equity share capital (Face value-Rs.1 per equity share) |
2,729.10 | 2,729.10 | 2,429.10 | 2,729.10 | 2,429.10 | 2,729.10 |
| Other Equity | (39,861.36) | (39,916.25) | (40,049.69) | (39,861.3 $\overline{a}$ |
(40,049.69) | (38,832.86 | |
| Earnings per share (of Rs.1 each) (Refer note 5) | |||||||
| (not annualised except for the pen check ed - Basic (Rs.) - Diluted (Rs.) |
|||||||
| H3 | 0.02 | (0.39) | (1.51) | (0.37) | (1.47) | $\frac{(1.08)}{(1.08)}$ | |
| (0.39) | (1.51) | (1.47) |
STATEMENT OF FINANCIAL RESULTS FOR QUARTER AND HALF YEAR ENDED 30th SEPTEMBER, 2024
$\frac{1}{2}\int_{0}^{\infty}\frac{1}{\sqrt{1-\frac{1}{2}}\sqrt{\frac{1}{2}}\sqrt{\frac{1}{2}}}}\sqrt{\frac{1}{2}-\frac{1}{2}\sqrt{\frac{1}{2}}\sqrt{\frac{1}{2}}}}\sqrt{1+\frac{1}{2}\sqrt{1-\frac{1}{2}}\sqrt{1-\frac{1}{2}}}}\sqrt{\frac{1}{2}-\frac{1}{2}\sqrt{1-\frac{1}{2}}}}\sqrt{\frac{1}{2}-\frac{1}{2}\sqrt{1-\frac{1}{2}}}}\sqrt{\frac{1}{2}-\frac{1}{2}\sqrt{1-\frac{1}{2}}}}\sqrt{\frac{1}{2}-\frac{1}{2}\sqrt{1-\frac{$
| Date | 6 | $\infty$ | ٦ | 9 | S | 4 | $\omega$ | Z | Notes: $\overline{ }$ |
|
|---|---|---|---|---|---|---|---|---|---|---|
| : 14.11.2024 ANYSIGNATION lairman an d Managing Director HEC (DIN 00009710) (Adish Oswal) |
Place: Ludhiana INARDHAM For Vardhman Polytex Ltd. |
Figures relating to previous period have been regrouped/rearranged, where necessary to make them comparable with those of the current period. | The business of company falls within a single Primary Segment Viz, Textile and hence, the disclosure requirement of IND-AS 108 'Operating segment' is not applicable |
The company has entered into arrangement with few vendors from whom company is purchasing raw materials and selling finished goods to them. | statements have been prepared on a "Going Concern" basis. Despite net worth having been fully eroded, the Management is of the view that the company is an operative company. In view of the same, the financial |
previous periods have been computed on the basis of number of equity shares after sub - division for comparative figures. shares having face value of Rs. 1/- per equity share effective from record date 18.05.2024. Accordingly, basic and diluted earnings per equity share for the During the previous quarter, the equity shares of the company have been sub - divided from existing face value of Rs. 10/- per equity shares into 10 equity |
The Company has successfully closed rights issue aggregating to Rs. 4983.57 Lacs on 27.09.2024. Pursuant to regulatory approvals, 8,30,59,434 shares were alloted on 09.10.2024 increasing the paid up equity capital to Rs. 35,59,69,004/- |
signed the letter of acceptance (LOA) of Phoenix ARC and the debt is repayable in monthly installments upto Sep., 2026 as per repayment schedule of difference between the assigned debt and final payable amount as setlled in the LOA. The Company is regular in paying the amount as per LOA as on date. The lender banks have assigned their respective shares to Phoenix ARC (Sole lender now) through Assignment Agreements. The Company has accepted/ LOA. As per the LOA, the liability will recast to the original amount in case of default. Taking a conservative view, we have not written back the entire |
been agreed (Final payment date being 30th November 2024). Regarding the Auditors qualification w.r.t. repayment of FCCB liability, the Company has settled the matter with Axis ba nk where in a payment plan has |
exercised necessary due diligence to ensure that the financial results present a true and fair view of the company's affairs. prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and SEBI's circulars, and the management has at its meeting held on 14th Nov., 2024. The company has prepared the financial results in accordance with Indian Accounting Standards (IND AS) as The above financial results for the Quarter ended 30th Sep., 2024 were reviewed by the Audit Committee and thereafter have been adopted by the Board |
VARDHMAN POLYTEX tTD. Recd. Office : 'Vardhman Park, Chandigarh Road, Ludhiana - !4t,L2} CIN: [17122PB1980PtC 004242, PHONES: 0161-2585301-04,6629888, FAX: 6629988,
E-Mail- [email protected], Web: www.vpl.in
STATEMENT OF ASSETS AND TIABITITIES FOR THE HALF YEAR ENDED SEPTEMBER, 30,2024
| S.No | Particulars | As at | As at |
|---|---|---|---|
| Sep. 30, 2024 | March3l,2O24 | ||
| ASSETS | Unaudited | Audited | |
| 1 | Non-current assets | ||
| a) Property, plant and equipment | L2,L47,3L | 12,885.64 | |
| b) lnvestment Property | 29.L0 | 68.32 | |
| c) Capital work-in-progress | |||
| d) Other intangible assets | 1.94 | 2.3L | |
| e) Financial assets | |||
| i) lnvestments | 0.52 | o.62 | |
| ii) Other financial assets | 489.42 | 6L8.L7 | |
| iii) Trade Receivables | 542.08 | 541.48 | |
| f) Deferred tax assets (net) | 5,015.r.8 | 5,015.18 | |
| g) Other non-current assets | 59.10 | 70.43 | |
| Total Non Current Assets | 75 | 19,203.15 | |
| 2 | Current assets | ||
| a) lnventories | 989.75 | 1,681.23 | |
| b) Financial assets | |||
| i) Trade and other receivables | 0.98 | 3.57 | |
| ii) Cash and cash equivalents | 48.56 | 105.00 | |
| iii) Bank balances other than above | 15.00 | 5.00 | |
| iv) Loans | 8.17 | 6.50 | |
| v) Other financial assets | 393.81 | 42.24 | |
| c) Current tax assets | 573.35 | s48.20 | |
| d) Other current assets | 4,LOA.76 | 4,955.47 | |
| Assets held for sale | 593.29 | ||
| Current Assets | 727.77 | .25 | |
| TOTAL ASSETS | |||
| il | EQUIW AND LIABILITIES | 25.O23.52 | 27 |
| L | EQUITY | ||
| a) Equity share capital Other |
2,729.L0 (39.861.35) |
2,729.10 | |
| Total | 37 | (35.103.761 | |
| LIABILITIES | |||
| 2 | Non-current liabilities | ||
| a) Financial liabilities | |||
| i) Borrowings | 3,to6.12 | 4,512.7t | |
| b) Long term provisions | 198.31 | 198.31 | |
| Other non. current liabilities | 39 | ||
| Total Non Current Liabilities | 507.03 | .4t | |
| 3 | Current liabilities | ||
| a) Financial liabilities | |||
| i) Borrowings | 3,795.58 | 3,106.2s | |
| ii) Trade payables | |||
| a) Total outstanding dues of micro, small and medium | |||
| enterprises | |||
| b) Total outstanding dues of creditors other than | |||
| micro, small and medium enterprises | 18,000.16 | t8,675.24 | |
| iii) Other financial liabilities | t,826.47 | L,99L.76 | |
| b) Other current liabilities | 1,590.31 | 1,405.08 | |
| Short term | 335.29 | 357.42 | |
| Total Current Liabilities | 25.54a.76 | 75 | |
| IW AND LIABITITIES TOTAI. |
25,O23.52 | 27, |
Place : Ludhiana Date : 14.11.2024 (Adish H
@'*/ ova/
q .o
DIN
Polytex Ltd.
Director
Oswal)
LUDI{IANA
P
Vardhman polytex Limited
Regd, Office:'Vardhman Park, Chandigarh Road, Ludhiana -141L23,
CIN: 117122P81980P1C 004242, PHONES: 0161-2685301-04, 6629888, FAX :6629988, E-Mail- [email protected], Web: www.vpl.in
Cash Flow Statement
for the half year ended September 3,O, ZO24
| (Rs. ln Lakhs) | ||
|---|---|---|
| Half year ended | Half year ended | |
| Particulars | September tO,2024 | September 30, 2023 |
| Unaudited | Unaudited | |
| A. Cash flow from Operating Activities: | ||
| Net profit before tax | (7,012.44l. | (3,301.76) |
| Adjustments for: | ||
| Add: | ||
| Depreciation and amortisation | 455.50 | 539.11 |
| Finance costs | 703.89 | 2,579.40 |
| Foreign currency monetary item translation difference (net) | 1.53 | 3.93 |
| Less: | ||
| lnterest income | (22.89) | (22.t8) |
| Amount written back under OTS | ||
| Net Profit on sale / discarding of flxed assets | (877.72) | (1,301.85) |
| Provlsions for Doubtful Debts written back | (243.s0) | (r.3s.00) |
| Provisions no longer required written back | (197.44) | (530.47) |
| Operating Profit before Working Capital changes | t,t82.97l, | .2,268.831 |
| Adjustments for changes in Working Capital : | ||
| - lncrease/(decrease) in trade payables and other Liabilties | (447.70) | |
| - (lncrease)/decrease in trade receivables and other receivables | 828.95 | |
| - (lncrease)/decrease in inventories | 847.89 | (41.50) |
| Cash generated from Operating Activities | 591.48 | 118.53 |
| (e0.70) | (1,362.95) | |
| - Taxes (paid) (net of tax deducted at source) | ||
| Net cash (used in)/ generated from Operating Activities | (s0.70) | (1,352.95) |
| B. Cash flow from lnvesting Activities: | ||
| Purchase of fixed assets | (1.s4) | (10.s8) |
| Sale of fixed assets | t,607.74 | 7,682.70 |
| lnterest received | 22.89 | 22.t8 |
| Net Cash from lnvesting Activities | 1,628.59 | 1,593.70 |
| C. Cash flow from Financing Activities: | ||
| Repayment of short term borrowings | (104.4s) | (2,L24.sll |
| Repayment of long term borrowings | (827.00) | (42.80) |
| lnterest paid | (5s3.88) | (1L2.23l. |
| Proceeds from share warrants issued | (0.00) | t,923.75 |
| Net Cash from Financing Activities | (1,585.331 | (3ss.78) |
| Net lncrease/(Decrease) in cash & cash equivalents | t47.34l. | (2s.03) |
| Cash and cash equivalents as at 1st April (Opening Balance) | 111.00 | 43.6L |
| Cash and cash equivalents as at 31st March (Closing Balance) | 63.56 | 18.58 |
| Cash and cash equivalents comprise | ||
| Cash & cheques in hand | 23.85 | |
| Balance with banks | 39.81 | 3.00 |
| 63.66 | 15.58 | |
| 18.58 | ||
| P | Polytex Ltd. | |
| q | liitr, | |
| Place : Ludhiana | LUDHNNA | E o Adish Oswal |
| Date: L4.17.2024 | t | |
| Managing Director (DtN-00009710) |
||
| )\,1 | ||
Page 4
d*rt'
@,,"*
ROMESH K. AGGARWAL & ASSOCIATES
CHARTERED ACCOUNTANTS Head Office – GT Road, Miller Ganj, Ludhiana-141003 Delhi Chandigarh Ludhiana Phones: 2532920, 2534289
INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM FINANCIAL RESULTS
To The Board of Directors, Vardhman Polytex Ltd.
-
We have reviewed the accompanying statement of unaudited financial results of Vardhman Polytex Limited ("the Company") for the quarter and half year ended September 30, 2024 ("the Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and disclosure requirements) Regulations, 2015 as amended ("the Listing Regulations").
-
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 the Indian Accounting Standard 34 "Interim Financial reporting" (Ind AS 34) prescribed under Section 133 of the Companies Act,2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 in with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 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.
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The company had credited profit of Rs 396.44 lacs due on payment of FCCB liability to the statement of profit & loss during the period ending March 31,2017. This profit should have been credited in the statement of profit & loss on payment of FCCB liability. As per Note No.2 of the accompanying Financial Results, the Company has settled the matter with Axis bank where in a payment plan has been agreed (Final payment date being 30th November 2024). This matter was also qualified in all the previous limited review/audit reports submitted by us.
- Based on our review conducted as above, except for the effect of our observation stated in Para 4 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 be disclosed, or that it contains any material misstatement.
For Romesh K Aggarwal & Associates Chartered Accountants
Place - Ludhiana Dated – November 14, 2024 UDIN - 24519347BKFJQZ6554