23 May 2012 13:09
SUBEX LTD | ||||||||
Registered office: Adarsh Tech Park, Outer Ring Road, Devarabisanahalli, Bangalore - 560 037 | ||||||||
Statement of Consolidated Audited Results for the Year Ended March 31, 2012 | ||||||||
PART | - I | (Rs. In Lakhs except per share data) | ||||||
CONSOLIDATED | ||||||||
Particulars | Three Months ended | Preceeding 3months ended | Corresponding3 months ended | For the year ended | Previous yearended | |||
31/03/2012 | 31/12/2011 | 31/03/2011 | 31/03/2012 | 31/03/2011 | ||||
Unaudited(Refer Note 2) | Unaudited | Unaudited(Refer Note 2) | Audited | Audited | ||||
1 | Income from Operations | |||||||
(a) | Net Sales/ Income from Operations | |||||||
Product & Product related | 9,628 | 11,728 | 10,237 | 42,949 | 41,812 | |||
Services | 1,170 | 1,414 | 1,494 | 4,834 | 6,463 | |||
Total Income from Operations | 10,798 | 13,142 | 11,731 | 47,783 | 48,275 | |||
2 | Expenses | |||||||
(a) | Cost of Hardware, Software & Services | 244 | 167 | 239 | 870 | 797 | ||
(b) | Employee benefits expense and Sub-contract charges | 5,463 | 6,420 | 6,054 | 25,358 | 26,486 | ||
(c) | Other Expenditure | 2,123 | 2,261 | 1,969 | 8,588 | 8,199 | ||
(d) | Depreciation and amortisation expense | 171 | 190 | 240 | 780 | 1,045 | ||
Total expenses | 8,001 | 9,038 | 8,502 | 35,596 | 36,527 | |||
3 | Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2) | 2,797 | 4,104 | 3,229 | 12,187 | 11,748 | ||
4 | Other Income | 209 | 145 | 115 | 1,096 | 1,004 | ||
5 | Profit / (Loss) from ordinary activities before finance costs and exceptional items (3+4) | 3,006 | 4,249 | 3,344 | 13,283 | 12,752 | ||
6 | Finance costs | 1,083 | 1,104 | 977 | 4,285 | 4,262 | ||
7 | Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5-6) | 1,923 | 3,145 | 2,367 | 8,998 | 8,490 | ||
8 | Exceptional Items (Net) (Refer Note 3 ) | 388 | 1,217 | (87) | 5,479 | 172 | ||
9 | Profit / (Loss) from ordinary activities before tax (7+8) | 1,535 | 1,928 | 2,454 | 3,519 | 8,318 | ||
10 | Tax expense (Net) | 16 | 291 | 52 | 335 | 441 | ||
11 | Net Profit / (Loss) from ordinary activities after tax (9+10) (Refer Note 8 & 9 ) | 1,519 | 1,637 | 2,402 | 3,184 | 7,877 | ||
12 | Paid up Share Capital | 6,931 | 6,931 | 6,931 | 6,931 | 6,931 | ||
- Equity (Face value of Rs.10/-) | ||||||||
13 | Reserve excluding Revaluation Reserves as per Balance Sheet | 7,529 | 14,011 | |||||
14 | Earnings per share (before extraordinary items) (of Rs 10/- each) (not annualised in case of the three month periods): | |||||||
Basic | 2.19 | 2.36 | 4.10 | 4.59 | 12.47 | |||
Diluted | 2.18 | 2.33 | 2.64 | 4.59 | 8.62 | |||
PART - II | ||||||||
A | PARTICULARS OF SHAREHOLDING | |||||||
1 | Aggregate of Public shareholding:* | |||||||
Number of shares | 54,200,225 | 54,200,225 | 52,016,189 | 54,200,225 | 52,016,189 | |||
Percentage of holding (to total shareholding) | 78.20% | 78.20% | 75.05% | 78.20% | 75.05% | |||
2 | Promoters and promoter group | |||||||
Shareholding | ||||||||
a) Pledged/Encumbered | ||||||||
- Number of shares | 7,601,801 | 7,601,801 | 6,601,801 | 7,601,801 | 6,601,801 | |||
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) | 93.83% | 93.83% | 81.49% | 93.83% | 81.49% | |||
- Percentage of shares (as a% of the total share capital of the company) | 10.97% | 10.97% | 9.53% | 10.97% | 9.53% | |||
b) Non-encumbered | ||||||||
- Number of Shares | 500,000 | 500,000 | 1,500,000 | 500,000 | 1,500,000 | |||
- Percentage of shares (as a% of the total shareholding of promoter and promoter group) | 6.17% | 6.17% | 18.51% | 6.17% | 18.51% | |||
- Percentage of shares (as a % of the total share capital of the company) | 0.72% | 0.72% | 2.16% | 0.72% | 2.16% | |||
* Total public shareholding as defined under clause 40A of the listing agreement (excludes underlying shares for GDRs 7,008,746) | ||||||||
SEGMENTAL REPORTING:
| ||||||||
(Rs. In Lakhs) | ||||||||
Consolidated | ||||||||
Three Months ended | Preceeding 3months ended | Corresponding3 months ended | For the year ended | Previous yearended | ||||
31/03/2012 | 31/12/2011 | 31/03/2011 | 31/03/2012 | 31/03/2011 | ||||
Unaudited(Refer Note 2) | Unaudited | Unaudited(Refer Note 2) | Audited | Audited | ||||
1 | Segmental Revenue: | |||||||
(a) | Products & Product related | 9,628 | 11,728 | 10,237 | 42,949 | 41,812 | ||
(b) | Services | 1,170 | 1,414 | 1,494 | 4,834 | 6,463 | ||
10,798 | 13,142 | 11,731 | 47,783 | 48,275 | ||||
2 | Segmental Profit/(Loss) before tax, interest & exceptional Items | |||||||
(a) | Products & Product related | 2,716 | 4,210 | 3,264 | 13,187 | 12,648 | ||
(b) | Services | 290 | 39 | 80 | 96 | 104 | ||
3,006 | 4,249 | 3,344 | 13,283 | 12,752 | ||||
Less: Interest (Net) | 1,083 | 1,104 | 977 | 4,285 | 4,262 | |||
Other Unallocable (Income)/Expenditure & Exceptional items [Net] | 388 | 1,217 | (87) | 5,479 | 172 | |||
Profit Before Taxation | 1,535 | 1,928 | 2,454 | 3,519 | 8,318 | |||
3 | Details of Capital Employed | |||||||
(a) | Products & Product related | |||||||
Segment Assets | 107,176 | 107,879 | 103,533 | 107,176 | 103,533 | |||
Segment Liabilities | 16,291 | 17,399 | 17,798 | 16,291 | 17,798 | |||
(b) | Services | |||||||
Segment Assets | 1,303 | 1,317 | 1,555 | 1,303 | 1,555 | |||
Segment Liabilities | 184 | 199 | 362 | 184 | 362 | |||
STATEMENT OF ASSETS AND LIABILITIES | Rs. In Lakhs | |||||||
Particulars | For the year ended | Previous yearended | ||||||
31/03/2012 | 31/03/2011 | |||||||
Audited | Audited | |||||||
A | EQUITY AND LIABILITIES | |||||||
1 | Shareholders' Funds | |||||||
(a) | Share capital | 6,931 | 6,931 | |||||
(b) | Reserves and Surplus | 7,529 | 14,011 | |||||
Sub-total - Shareholders' funds | 14,460 | 20,942 | ||||||
2 | Non-current Liabilities | |||||||
(a) | Long-term Borrowings | - | 37 | |||||
(b) | Deferred Tax Liabilities(net) | - | 9 | |||||
(c) | Long-term Provisions | 585 | 826 | |||||
Sub-total - Non-current liabilities | 585 | 872 | ||||||
3 | Current Liabilities | |||||||
(a) | Short-term Borrowings | 12,437 | 12,649 | |||||
(b) | Trade Payables - Other than acceptances | 8,009 | 10,201 | |||||
(c) | Other Current Liabilities | 74,204 | 49,287 | |||||
(d) | Short-term Provisions | 271 | 12,485 | |||||
Sub-total - Current liabilities | 94,921 | 84,622 | ||||||
TOTAL - EQUITY AND LIABILITIES (1+2+3)
| 109,966 | 106,436 | ||||||
B | ASSETS | |||||||
1 | Non-current Assets | |||||||
(a) | Fixed Assets | 773 | 1,304 | |||||
(b) | Goodwill on Consolidation | 86,569 | 86,569 | |||||
(c) | Deferred tax assets (net) | 141 | 122 | |||||
(d) | Long-term Loans & Advances | 2,408 | 2,283 | |||||
(e) | Other Non-current Assets | - | - | |||||
Sub-total - Non-current assets | 89,891 | 90,278 | ||||||
2 | Current Assets | |||||||
(a) | Trade Receivables | 7,339 | 5,416 | |||||
(b) | Cash and Cash Equivalents | 242 | 411 | |||||
(c) | Short-term Loans & Advances | 1,212 | 1,521 | |||||
(d) | Other Current Assets | 11,282 | 8,810 | |||||
Sub-total - Current assets | 20,075 | 16,158 | ||||||
TOTAL - ASSETS (1+2) | 109,966 | 106,436 | ||||||
Notes : | ||||||||
1 | The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on May 23, 2012. | |||||||
2 | The figures for the three months ended March 31, 2012 and March 31, 2011 are the balancing figures between the audited figures for the full financial years then ended and the year to date unaudited figures published upto the nine months period ended December 31, 2011 and December 31, 2010, respectively. Previous period / year figures have been re-grouped and/or re-arranged to conform with the current period/ year. | |||||||
3 | Exceptional items comprise - | Rs. In Lakhs | ||||||
Particulars | Three Months ended 31/03/2012 | Preceeding 3months ended 31/12/2011 | Corresponding3 months ended 31/03/2011 | For the year ended 31/03/2012 | Previous yearended 31/03/2011 | |||
Unaudited(Refer Note 2) | Unaudited | Unaudited(Refer Note 2) | Audited | Audited | ||||
Exchange Loss/(Gain) arising on restatement of Foreign Currency Convertible Bonds & restatement/settlement of intra group foreign currency loans and advances (Refer Note 10 below) | 388 | 1,025 | (87) | 5,343 | 172 | |||
Reversal of stock compensation expenses recorded earlier pursuant to voluntary surrender of options by employees during the current quarter | - | (404) |
- | (404) | - | |||
Gain on Sale of Assets pertaining to Activation business during the quarter ended September 30, 2011 net of Redundancy costs | - | - |
- | (56) | - | |||
Other Redundancy costs | - | 596 | - | 596 | - | |||
TOTAL | 388 | 1,217 | (87) | 5,479 | 172 | |||
4 | During the three months and the year ended March 31, 2012, the Company has granted 11,700 and 2,481,024 options respectively under its ESOP schemes. | |||||||
5 | Information on Investor complaints pursuant to Clause 41 of the Listing Agreement for the three month ended March 31, 2012 : | |||||||
Opening Balance - Nil, Received - Nil, Attended - Nil, Closing Balance - Nil | ||||||||
6 | Summary of Key Standalone Financial results is as follows - |
Rs. In Lakhs | ||||||
Particulars | Three Months ended 31/03/2012 | Preceeding 3months ended 31/12/2011 | Corresponding3 months ended 31/03/2011 | For the year ended 31/03/2012 | Previous yearended 31/03/2011 | |||
Unaudited(Refer Note 2) | Unaudited | Unaudited(Refer Note 2) | Audited | Audited | ||||
Net Sales/ Income from Operations | 8,132 | 9,267 | 7,802 | 32,901 | 31,355 | |||
Profit / (Loss) from ordinary activities before tax | 959 | 1,597 | 2,124 | 204 | 7,256 | |||
Profit / (Loss) from ordinary activities after tax | 1,105 | 1,597 | 2,124 | 240 | 7,151 | |||
7 | The Company has outstanding foreign currency convertible bonds (FCCBs) having face value of USD 938 Lakhs which were originally redeemable on 9th March 2012 and subsequently extended with RBI approval to 9th July 2012, along with premium of USD 373 Lakhs and related costs that are determinable on redemption. The Company is in discussions with the bond holders to meet this obligation by way of a cashless exchange offer of new bonds with a maturity in July 2017. The Company has also obtained the approval from Reserve Bank of India in support of this restructuring, based on which it expects to conclude this restructuring by the date for redemption of the existing FCCBs. | |||||||
8 | As permitted under the Proposal approved by the Hon'ble High court of Karnataka, the Company, during the three month and year ended March 31, 2012, transferred certain amounts standing to the credit of Capital Reserve to the Business Restructuring Reserve and utilised the same for permitted utilisations to the extent of Rs. 225 Lakhs (Net). Had the Proposal not provided for the above accounting treatment : | |||||||
(Rs. In Lakhs except per share data) | ||||||||
Particulars | 3 Months ended 31/03/2012 | Preceding 3months ended 31/12/2011 | Corresponding3 months ended 31/03/2011 | For the Year ended 31/03/2012 | Previous yearended 31/03/2011 | |||
Unaudited(Refer Note 2) | Unaudited | Unaudited(Refer Note 2) | Audited | Audited | ||||
Other Expenditure would have been higher by | - | - | 1,000 | - | 1,000 | |||
Loss under Exceptional Items would have been higher /(lower by) | (225) | - | 17,304 | (225) | 17,304 | |||
Net profit would have been lower/(higher) by | (225) | - | 18,304 | (225) | 18,304 | |||
Earnings / ( Loss) Per Share would have been | ||||||||
-Basic | 2.52 | 2.36 | (27.16) | 4.92 | (16.50) | |||
- Diluted | 2.51 | 2.33 | (27.16) | 4.91 | (16.50) | |||
9 | Pursuant to the notification dated December 29, 2011 issued by the Ministry of Corporate affairs, the Company has opted to adopt the transitional provisions under para 46A of Accounting Standard 11 'The Effects of Changes in Foreign Exchange rates' with effect from April 1, 2011. Accordingly, exchange differences arising on restatement of all Long-term monetary foreign currency assets and liabilities at rates different from those at which they were initially recorded or reported in previous financial statements (whichever is later) are accumulated in the Foreign Currency Monetary Item Translation Difference Account and are amortised over the balance period of such Long-term asset / liability. Consequent to the above, exchange fluctuation losses (net) arising on restatements of such items have been deferred to the extent of Rs. 357 Lakhs at March 31, 2012 and the profit for the year is higher by a corresponding amount. | |||||||
10 | Pursuant to clause 41 of the Listing Agreement, the Company has opted to publish the consolidated financial results. The standalone financial results, however, are being made available to the Stock Exchanges where the securities of the Company are listed and are also being posted on the Company's website www.subex.com. | |||||||
Certain statements in this release concerning our performance may be forward looking statements which involve risks and uncertainties that could cause actual results to vary materially from those in such statements. These risks and uncertainties include, and are not limited to, fluctuations in earnings, intense competition and success of investments. | ||||||||
By Order of the Board | ||||||||
Bangalore | ||||||||
May 23, 2012 | Subash Menon Founder Chairman, Managing Director & CEO | |||||||
For further details on the results, please visit our website: www.subex.com | ||||||||