OSWAtr, SPN\NII{G A1TDWEAVII{G MILLS LTI)

HEAD OFFICE & WORKS: G.T. ROAD'

DORAHA DISTRICT. LUDHIANA_I4I ?I.
Regd.Office: # 92, OSWAL ROAD, INDUSTRIAL AREA-A,
NEAR KWAI,ITY CI{OWK, LUDHIANA-141003.
E MAIL:- MAIL@OSWALCOTTON.COM
CIN: l,l 7111PB1955PLC1001884

DATE:- 13.02.2016

oswM/2016/
Bombay Stock ExchangeLimited
1StFloor.RotundaBldg.,
B.S. Marg, Fort,
Mumbai400 001.

KIND AfTN.: MR. S. SUBRAMANIAN. DCS-CRD

REG: UN-AUDITED OUARTERLY

ouaRTER ENpEp 31.12.2

FINANCIAL

RESULTS FOR

THE

Sir.
Enclosed please find hereu,ith Un-audited Quarterly Results for the Quarter ended
alongwitha cerlifiedcopl' of the AuditorsLimited Review Reporton the same
31.12.2015
for your informationand records.

lhanking1'ou.

Yours faithfully,
NG AND WEAVING MILLS LIMITED

DIRECTOR

Encl:-As Above

t&

P. C. 6ayal &,Co.,
CHARIERE
0 ACCOUf.iTAl"lTS
62-l'le',v
Pakhowal
Road.Ludhiana
LajpatF,lagar.

Off + 91161-2406716
Fax : + 91161-2403546
Mob * 9198156-10776
Erqail capcgoyal@gmail.com

L I M I T E DR E V I E WR E P O R T
To
TheBoardof Directors,
M i l l sL i m i t e d
O s w aSl p i n n i nAgn dW e a v i n g

lntroduction
We have reviewedthe accompanying
statementof unauditedstandalonefinancialresultsof Oswal
SpinningAnd WeavingMills Limitedfor the quarter& nine monthsended December31, 2015 ("the
Thisstatementis the responsibility
Management
and hasbeenapproved
Statement").
of the Company's
by the Boardof Directors.
Our responsibility
is to issuea reporton thesestandalone
financialresults
basedon our review.
Scopeof Review
(SRE)2410,"Reviewof
We conductedour review in accordance
Standardon ReviewEngagements
I n t e r i mF i n a n c i aI nl f o r m a t i o n
P e r f o r m e db y t h e I n d e p e n d e nAtu d i t o ro f t h e E n t i t y " ,i s s u e db y t h e
Instituteof Chartered
Accountants
of India.Thisstandardrequiresthat we planand performthe review
asto whetherthe financial
statements
arefree of materialmisstatement.
to obtainmoderateassurance
s f c o m p a n yp e r s o n n ealn d a n a l y t i c aplr o c e d u r easp p l i e dt o
A r e v i e wi s l i m i t e dp r i m a r i l yt o i n q u i r i e o
f i n a n c i adl a t a a n d t h u s p r o v i d el e s sa s s u r a n ct eh a n a n a u d i t .W e h a v en o t p e r f o r m e da n a u d i ta n d
accordingw
l ye, d o n o t e x p r e sasn a u d i to p i n i o n .
Emphasis
of Matter
Financial
Results:
We drawattentionto the followingmattersin the Notesto the Unaudited
(i) Note7(i)to the UnauditedFinancial
whichdescribes
that GratuityLiability
to employees
has
Results
if anyon the basisof ActuarialValuationas per revised
beenmadeon accrualbasis.
Theshort/excess
Benefits"
wouldbe madein the auditedaccounts
at the year
standardAS- L5 "Employee
accounting
e n d .A c c o r d i n gw
l ye a r eu n a b l et o c o m m e not n t h e i m p a cot f t h e s a m eo n t h e r e s u l t fso r t h e q u a r t e r
31,,20L5.
& ninemonthsendedon December
( i i )N o t e7 ( i i )t o t h e U n a u d i t e F
d a xA s s e t / D e f e r r teadx
d i n a n c i aRl e s u l tws h i c hd e s c r i b et sh a t D e f e r r e T
t f thesame
l ye a r eu n a b l et o c o m m e n ot n t h e i m p a c o
L i a b i l i twy i l l b e m a d ea t y e a re n d .A c c o r d i n gw
r n i n em o n t h se n d e do n D e c e m b e3r1 , 2 0 1 ' 5 . .
o n r e s u l t fso r t h e q u a r t e &
( i i i )N o t e4 t o t h e U n a u d i t e dF i n a n c i aRl e s u l tw
s h i c hd e s c r i b etsh a t K o t a kM a h i n d r aB a n kL t d . h a s
Rs.63.43croresfrom the Companyin respect
Act,2002demanding
issueda noticeunderSARFAESI
of various commitments,defaults,penaltiesand interestthereon, which the Companyhas
Further
contestedillegaland withoutany basisbeforethe Hon.HighCourtof Punjaband Haryana.
protest
Ltd,
paid
Mahindra
Bank
Under
on
account
of
EPC
to
Kotak
has
Rs.
1.57
crores
the company
notice
under
as the Ordersof Hon. HighCourtand Hon. HighCourthas stayedfor issuanceof
Act,2002.
ofSARFAESI

6ffiS

* l\ L*;,^

w#
l*

( i v ) N o t e5 t o t h e U n a u d i t e d
F i n a n c i aRl e s u l tw
s h i c hd e s c r i b et sh a t S t a t eB a n ko f p a t i a t a( S B O ph) a s
filedan application
beforethe DebtsRecovery
Tribunal(DRT)Chandigarh
for recoveryof an amount
of Rs'4'09 cr. (beingNPVof Rs.2.88cr. of CRPS
of Rs.5.38cr. and interestthereon).TheseCRpS
h a v ea l r e a d yb e e ni s s u e db y t h e C o m p a ntyo t h e B a n kF. u r t h etrh e C o m p a n hy a da g r e e d p a y
to
the
NPVof CRPS
because
SBoPhad informedthe Company
that they hadwaivedthe amountof Rs.5.29
cr' beinginterestpayableby the companyto sBoP.However,
lateron it hastranspired
that instead
of waivingthis amount of Rs.5.29 cr., SBOPhastransferredthe sameto KotakMahindra
Bank
Limited(KMBL)
videassignment
agreement
dated1,6.1.r.2007
therebymisleading
the companythat
they havewaivedthe interestand thus violatingthe terms and conditionsof the agreement
that
they had with the Company,
on this groundthe application
of the bankis beingcontestedby the
Company
in the DRT.
(v) Note6 to the UnauditedFinancial
Results
whichdescribes
that lFClhasfiled an applcationbefore
the DebtsRecovery
Tribunal(DRT)chandigarh
for recoveryof an amountof Rs. 2347.02lacs
(Rs.
1'269.82lacs
beingamountof FlrL and balanceamountbeinginterestthereon).lFClhasalsofiled
a
companypetitionwith the Punjaband HaryanaHigh Court under section 433, 434
& 439 for
R e c o v e royf t h e a b o v em e n t i o n e d
a m o u n t / w i n d i nugp o f t h e C o m p a n yT.h eC o m p a n iys c o n t e s t i n g
t h e a p p l i c a t i oi n t h e D R Ta n d c o m p a n yp e t i t i o ni n P u n j a ba n d H a r y a n a
H i g hC o u r to n t h e g r o u n d
t h a t b y w a yo f a s s i g n m e n
o tf d e b t l F C h
l a sa s s i g n e d / t r a n s f e trhr eede n t i r ed u e si n c l u d i nF
g I T Lo f R s .
1'269,82lacs
payableby the Company
to lFClon 16.L1.2007
in favourof KotakMahindraBankLimited
vide Assignment
Agreementdated 1'6J'12007and after that nothingis due and payableby the
C o m p a ntyo l F c l .
Ourconclusion
is not modifiedin respectof thesematters.

Conclusion
subjectto 3 (i), (ii),(iii),(iv)and (v) aboveand basedon our reviewconductedas
above,nothinghas
come to our attentionthat causesus to believethat the accompanying
statementof unaudited
s t a n d a l o n fei n a n c i a rl e s u l t sp r e p a r e di n a c c o r d a n cw
eith applicable
accounting
s t a n d a r d so, t h e r
recognized
accounting
practices
and policieshasnot disclosed
the informationrequiredto be disclosed
i n t e r m so f R e g u l a t i o3n3 o f t h e s E B l( L i s t i n og b l i g a t i o nasn d D i s c l o s u rRee q u i r e m e n t s )
Regulations,
2 0 1 5i n c l u d i ntgh e m a n n e ri n w h i c hi t i st o b e d i s c l o s eodr, t h a t i t c o n t a i nas n ym a t e r i am
l isstatement.

F o r P . C .G O Y A T& C O .
C H A R T E R EA
DC C O U N T A N T S

DATED:73.02.20LG
PLACE:
LUDHIANA

SPINNING

OSWAL
&EGD.

oFFICg
MM

AND

IIEAVING

MI']'JS

IJIMITED

ROAD,INDUSTRIAI
AREe-e
I 92,OSqAL
KWALITY CHOWK, LUDHIANA- 74 70 O3

rEs. rN lAcs,

qlgPrTry
_ _ _!T_+f,El9IT_9r
l

FINANCIAJ, RESUTTS FOR TBE QUARTERAND NINE MONTHSENDED ON 31 DECEMBER2015

{JRTER

MT sArEs/rNcol@ rRoM opuRATroNs

tl"
Other operalive
lb
--- income
rNcounf-nrr

la
lb
c
]
ja

2502 . LL
511

COST OF MATERIA.L
Purchase

of

Change$ rD
in progress
enptoyee

itnd

expenses

Total,

expenses
from

frnance

inco:ne

Plofj,t

from

and

Ftnance

cosbc
(]-oss)

Finance

bqfore

exceptlona).

costs

flom
but

Exceptional

otlE l r e a
i

25L4.'t7

3{64. 70

1 s 0 1. s 0

L9!2 . s2

8 s .0 1

t284 . 4'l

6599.2?
54. il6

8930.80
12.32
9 0 0 3 .1 2

frd

J5UI. J5

100.,15

12.0O

1{8. 5?
l ern o<

2 5. 2 4

(368.10)

t66 .64
2 4. 0 0
4 3 1. 9 2
2 4 4 2. 6 3
32.14

0.00

0.00
(368.10)

0.00
32.r4

0.00
(931.95)

0.00
(305.2{

0.00
(827.58j

after

15.72
(50.44)

64.44
( 4 3 2 .s 4 )

L 2 7. 6 3
(9s,49)

24! .3t
(1.173.26)

3 ? 6 .1 8
( 6 8 1 .{ 2

311.54
( 1 2 0 5 .r . 2 )

bfor

0.00
(50.44)

0.00
( 4 3 2 .s 4 )

0.00
(95.40)

0.00
(1L?3.25)

0.00
i681..42

0.o0
(120s.12)

0.00
{50.{4)

0.00
( . r 3 2 .s 4 )

0.00
(91t.49)

0.00
(11?3e
. 6)

0.00
( 6 8 1 .{ 2

0"00
(1?05.1?'

rncome,

1 9 9 .? 5

249.27
51.2S
6 5 8 .0 5
4 4 0 0 .5 5
(s31.95)

5 9 5 8 .9 7
( 3 0 5 .? 4

9 8 3 0 .? 0
(82?.54.

680 . 60

financs

before

rtqls

ordirraly

ac

iona'I

excopt

beforo

tivities
itss

I t@s
(loss)

Proflt/

3 9 9 3 .4 1
1132.21
?4.55

tss

activitreg

exceptlonaL

P!of1t/

22.t7
17.1?
1 0 .0 0

expenl s e

1340.71

ordlnary

and

costs

11.8?

trade

dortization

operatj.ons

cosLs

Other

(
goods
, wotk

oJ: fj.nished
in

oxpensc

and

0.00
3 5 , 1 .6 9

trade

stock

ttenefrts

Other
Profrt

in

i'rvetttories

6l
1

972 .67

(0.00

CONSUMED

stock

Depaeciai:ron

']

91

3456. 83

I DECEMBER 31 nRCF
201{
I'NAUDITED
AUDTTED

EXPENDTTURE

le
f
3

YEAR E\DED

o .{ 8

t--

I
2l

ENDED

31 DECEMBER30 SEPTEMBER3I DECEMBER

DECEMBER
20 1 5
2015
2015
2074
UNAMITED
UNAUDITED
UNAI'D:TED
UNAUDITED

PARTICUI.ARS

ordtnary

ac

tivities

Tax
10

tu

11

Nec Plof1tl
I

exlEnse

after

(Ioss)

Extlaordanary

13i
rll

wei p'"r ' 7 ai";paa:"p .q"' cy .t

151
l -

J
16i(f)
,

Ordloary f

activitres

tax

12

from

ne.t7-per
Resefies
balece

rtss

egulty

(net

r*

of Cax expel
expen
-rh;-G'i-oa--

0.00

se)

c " F r G l T r *a ic e
"s th"a r e )

value

of

Dlluted
per
Eaming
(a) hsic
(b)

0.00
49

09.29

909

0.00
(1I73.26)
909.29

0.00
(681.42)

Drluted

share

(afte!

extraoldina)
ldinary

0.00

( 1 2 0 sr.. 2 )

909. 29

excludinq
Revaluation
8e!e!v6s
8e!e!,
as pa)
sheet
year
of previous
nting
accounting
(before
share
extraordidi
ordiDary
i-ta!)

EarniDs
IE!
(a) Basrc
(b)

1? (I)

0.00

{50

( 6 1 9 .1 3 )

( 0 _0 6 )
(0.03)

(0.48)

(0.11)

{0.24)

(0. 05)

(0.06)
(0.03)

(0..18)

(0.11)

la.2a)

(0.05)

( 1. 2 9 ' t
(0.66)

(0. ?5)
(0.37)

(1.33)
( 0 .5 8 )

(1.29)
(0.66)

(0. ?5)
(0.37)

(r.33)
( 0 .5 8 )

rtss)

NOTES:
, The aboveaLrditeci
resultswere leviewedby the Audit Committeeand were approvedby the Boardof Directorsat
theirmeetingheld on 13.02.2016
recastedwherevernecessary.
2. Previousyearlperiod'sfigureshave beenregrouped/rearranged
provisionrelatingto segment
activityprirnarilyfallswithin a singlebusinesssegment,
bgsiness
,i. As tlreConrpany's
reportingis rrotapplicable.
4. Kotal<Mahildra Banl<Ltd. has issueda noticeunderSARFAESIAct, 2002demandingRs.63.43croresfrom the
and interestthereon,which the Companyhas
defaults,penalties
Companyi1 respectof variouscommitments,
contestedillegal and without any basisbeforethe Hon. High Court of Punjaband Haryana. Furtherthe company
h a s p a i cRl s . l . 5 T c r o r e s o n a c c o u n t o f E Pt oCK o t a k M a h i n d r a B a n k L t d . u n d e r P r oat es sp te r t h e O r d e r s o f
of noticeunderSection13 (4) of under
Hol'ble High Court apd Hon'bleI-lighCoun hasstayedfor issuance

S A R F A E S IA c t , 2 0 0 2 .
for
beforethe DebtsRecoveryTribunal(DRT) Chandigarh
5. Statellank of Patiala(SBOP)hasflled an application
recoveryof an amountof Rs.4.09 cr. (beingNPV of Rs.2.88cr. of CRPSof Rs.5.38cr. and interestthereon)'
TheseCRPShavealreadl,beenissuedby the Cornpanyto the Bank.Furtherthe Companyhad agreedto pay the
NpV of CRPSbecauseSBOPhad informedthe Cornpanythatthey had waivedthe amountof Rs. 5.29cr. being
interestpayableby the Cornpanyto SBOP.However,lateron it hastranspiredthat insteadof waiver'SBOPhas
agreement
dated
the interesrof Rs.5.29cr. to KotakMahindraBank Limited(KMBL) vide assignment
transferred
thatthey had with the Company.On this
therebyviolatingthe termsandconditionsof the agreement
16.11.2007
by the Companyin the DRT.
groundthe applicationof the bank is beingcontested
for recoveryof an amountof
6. IFCI hasfileclan applicationbefbrethe DebtsRecoveryTribunal(DRT) Chandigarh
p1s.234'7
.02lacs(Rs. 1269.82lacsbeingamountof FITL andbalanceamountbeinginterestthereon).IFCI hasalso
filed a companypetitionri,iththe Punjaband HaryanaHigh Courtundersection433,434& 439 fot Recoveryof the
boththe applicationand
abovementionedamoult/ winclingup of the Company.The Companyis contesting
the entiredues
of debt IFCI hasassigned/transferred
Companypetitionon tl.regroundthat by way of assignrnent
includilg FITL of Rs. 1269.82lacspayableby the Companyto IFCI on l6.l1.2007 in fhvourof KotakMahindra

BankLimitedvideAssignrnentAgreenlentdated16.|1.2001andafterthatnothingisdueandpayableby
C o n r p a n tyo I F C I

7 . i ) .C r ; r r u i t - " - h a s b e e n ; r l o v i d e c l < l nbaacsci rsui nasl t e a d o f ' A c t u aVrai al ul a r t i o n a s p e r A S - l 5 w h i c h w i l l b e p r o v i d e d a

\ L ' i r fe n C l .
ii). Def errcd tax Asseli' Dcl'crreci l ax Liabilit-v rvill be made at ycar t'ntl.

By Order ofthe Board,

For OSWAL SPINNINGAND WEAVING MILI-S LTD.

PLACE: LTJDITIANA
DAT'ED: 13.02.2016

(ASHOK OSWAL)
i\l!ANAGING DIRECTOR