sm Networks Limited
UG Floor, FC-19 & 20, Sector-16 A, Film City.
Naida, Uttar Pradesh-201301, India
Tel: +91-120-4526700
Website : www.sitinetworks.com
February 12, 2025 | |
To, | |
The General Manager | The Manager |
Corporate Relationship Department | Listing Department |
BSE Limited | National Stock Exchange of India Limited |
Phiroze Jeejeeboy Towers | Plaza, 5th Floor, Plot no. C/1, G Block |
Dalal Street, Fort, | Sandra Kurla Complex, Sandra (E) |
Mumbai- 400 00 I | Mumbai- 400 051 |
BSE Scrip Code: 532795 | NSE Scrip Symbol: SITINET |
Subject: Un-audited Financial Results for the second quarter of financial year 2024-25 and half year ended on September 30, 2024,
Dear Sir,
Pursuant to applicable Regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "SEBI Listing Regulations") including Regulation 30, this is to inform you that the Un-audited Financial Results, both standalone and consolidated, for the second quatier of the financial year 2024-25 and half year ended on September 30, 2024, have been signed by the Resolution Professional (RP) while exercising the powers of Board of Directors of the Company which has been conferred upon him in terms of the provisions of Section 17 of the Insolvency and Bankruptcy Code 2016 and by the CEO of Siti Networks Limited
Please find enclosed herewith the Un-audited Financial Results for the second quarter of the financial year 2024-25 and half year ended on September 30, 2024, as per Regulation 33 of the SEBI Listing Regulations along with the Limited Review Repo1is thereon issued by the Statutory Auditor, on the Standalone and Consolidated Results.
You are requested to kindly take the above on record.
Thanking you
Regd. Off. : Unit No. 38, 1st Floor, A Wing, Madl1u Industrial Estate, P. B. Marg, Worli, Mumbai - 400 013
Tel.: +91-22-43605555 CIN No.: L64200MH2006PLC160733
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Lo«� ,qu,I) wn(4(, II-..ch) | ||
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iil't',l((Omp,tnIngnole ID� (1n.,ncl.ll ,...ulu |
G.19
U.lt
(40HS)
(10.89)
mos
(0.S51
I Oo | 1.711 | |
O.JS | 022 | |
(78h9) | ('9711..118) | |
MSS) | (�S.991 | |
,n.o; | 172..0S | |
(0.96) | (I.I?) |
2.ll
Oii'I
11.-62.�I
(l«.97)
m.o5
(2.08)
4..42
I II
<•.in;211
(2.1)'11'11
87205
(tOMUC)J
(l.35)
$,ITI | SITI Nt' rwonKS l.l�IITED | I' ll MJo�. W.-h. Mrnnh.u-lO(IUI 3 | |
Rci:d | IJOkc lJnll Nv .l8, lsi Hi.•r I Vin[!. Madhn lndu>1rul t<1.11c | ||
Vd,,ue | "'"" ,unlCl\ork, com | (.'IN I 1,1101ll111'0061'1.Cl/111H3 |
Consolidated Cash Flow Statement
A. CASH FLOWS FltOM OPERATING ACTIVITIES Loss before ta.
Adjustment for.
l)cprcc..i,,thm a1,J nm,wtisath:m. ex�l�.m�� lnh!r,>st incom� ,,n t,,,nl. deposit, faccss 1.mwlslon� written bock
Shal'l' of los, of a•soci"tes and jnml ventur.,,,
l..oss on sale of 1>rop,1r1v, plant an,1 equipment, Mel othcr int.injiblc asset- (nl'l) lutcrt'St �xpens..>for borrowings at amortised ,ost
lnwrcstexpense on leas., 11,,bilit,,,.. Bad debts wrin,•n off Unrealised foniljll e,changc loss
Expected C1l'd1t losscs on trdde n-ceivables Oper•ting profit before working capital changes
Adjustments for movement In: l'r,1<1c r,'Celvabks
Other 6nanc1al assets
Othcr curr�nt amt non-current aswts Inventories
Other financial liabilities Provl�ion,
Other curreil and nonl'rade payables
Cash gener•ted from operations Income taxes (paid)
Net cash (lows generated (rom openting activilies
B. CASH FLOWS FROM INVESTING ACTIVITIES
Purchase ofproperty,plant and equipment, and intani:ibles assets Proceeds from sale ofproperty,plant and equipment
Proceeds from s.,lc/purcha1>cofl11ves1111cn1S (non-current. financial asSt!lS) lntero?St received on b.ink deposits
Investment In b�nk deposits
Maturity of/(lnvestment in) bank and margin money deposits (net) Net cash now used In Investing activities
Year ended 30 Seotcmbcr 2024
(996.22)
bil 12 (M 14)
(0.lb)
2(19
1.02
47o.S9
1'.'0
0.13
(168)
115.25
205.30
(2*>4.92) (288.72)
(186.98)
(11.52)
21.22
3.73
(69.17)
723.94
132.38
1118.751
13.63
(187.�)
(183.87)
63.03
/182.07)
1489.95)
({ In n,1111011)
Year ended
30 Seotembcr2023
(t.835.24)
1,4:7.97
(l<>
(1075)
'..50
(ll.56)
477.44 1.27 ON,
I.%
7-1.47
130.59
(27.l.03)
(U2.19)
(72.95)
3.01
2.20
4.52
(1>2.24) 2.103_'9
1,693.36
(124.50)
1,563.86
(224.15)
0.73 (561.70) 36.68
379.80
262.38
(106.2.6)
C. CASH FLOWS FROM FINANCING ACTIVITIES Movement in borrowiny,s(nct)
Payment of lease liabilities Interest paid
Net cash !low used In financing activities
(2.68)
415
11.371
0.10
(1,345.08)
(7.83)
(4.IOl
(1,357.01
Net Increase in cash nnd cash equivalents | (476.22) | 105.59 | ||
Ca�h and cash equivalents nt the beitinningof the perioJ | 715.25 | 1,028.31 | ||
Cash and cash equivalents nt the end of the period | ||||
239.03 | 1,133.90 | |||
Notes : | ||||
a. Cash and cash equivalents Include· | 35.14 | |||
Cashonhand | 20-49 | |||
0.1lances with banks on cul"l'l!nt accounts | 165.18 | 1,00l.54 | ||
Cheques and drafts on hand | 4.56 | 24.71 | ||
DePoSllSwith ori�inal maturityof upto th� months | 34.14 | 78.16 | ||
239.03 | 1,13.1.90 | |||
b. The above c�sh now slnlem�nl I><"-� been prep.ired under the 'lndiNct Mcth<>Cash Flows•.
SITI NETWORKS LIMITED | ||
Regd. Office: Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, P. B. Marg, WorH, Mumbai-400013 | ||
• | Website: www.sitinetworks.com | CIN L64200MH2006PLC160733 |
Notes:
- SITI Networks Limited ('the Company' or 'the Holding Company'), its subsidiaries (collectively referred to as 'the Group'), its associates and joint ventures predominantly operate in a single business segment of cable and broadband distribution only in India. The aforesaid is in line with the way operating results are reviewed and viewed by the chief operating decision maker(s) and hence, there are no additional disclosures required to be furnished in terms of Indian Accounting Standard 108 - Operating Segments.
- The Company is undergoing Corporate Insolvency Resolution Process {CIRP) pursuant to order dated 22 February 2023 ("Admission Order") passed by Hon'ble National Company law Tribunal ('NCLT'), Mumbai, under the provisions of Insolvency and Bankruptcy Code, 2016 ("Code"/ "IBC"). By the Admission Order, Mr. Rohit Mehra was appointed as the interim Resolution Professional of the Company. The Admission Order was challenged by one of the Directors (powers suspended) of the Company before the Hon'ble National Company Law Appellate Tribunal {"NCLAT") in an Appeal. By order dated 7 March 2023 ("Stay Order''), the Hon'ble NCLAT issued notice in the Appeal and passed an interim order staying the operation of the Admission Order. Pursuant to the Stay Order, the control and management of the Company was handed back to the Directors (powers suspended) of the Company by the Interim Resolution Professional. By order dated 10 August 2023, the Hon'ble NCLAT dismissed the Appeal, along with all interim applications ("NCLAT Final Order") and upheld the Admission Order reinstating the CIRP of the Company. Mr. Rohit Mehra was subsequently confirmed as the Resolution Professional of the Company by the committee of creditors. Further, a moratorium in terms of Section 14 of the IBC is in force with respect to the affairs of the Company during its ongoing CIRP.
During the period from 7 March 2023 till 10 March 2023, i.e. when the CIRP of the Company was stayed, the Company (under the management and control of the Board of Directors (powers suspended)) incurred several liabilities and undertook various transactions. According, the RP filed I.A. 4844 of 2023 before the Hon'ble NCLT seeking clarifications regarding the treatment of liabilities, obligations, and claims incurred for the stay period i.e., 07 March 2023 upto 10 August 2023 and clarification that the cut-off date for various CIRP activities be considered as 10 August 2023, i.e. the date of resumption of CIRP. On 1 October 2024, the Hon'ble NCLT passed its order ("1 October Order'') in I.A. 4844 of 2023 and held that (i) insolvency commencement date is fixed at 22 February 2023, (ii) the CIRP related activities should be reckoned from 22 February 2023, (iii) moratorium under Section 14 of the Code was applicable during the Stay Period, (iv) the transactions and appropriation undertaken during the Stay Period shall be reversed to the accounts of the Corporate Debtor, and (v) the expenses incurred in the ordinary course of
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business to keep the Company as a going concern are to be protected. Certain lenders of the Company have filed appeals against the 1 October Order before the Hon'ble NCLAT. The RP has filed a limited appeal against the 1 October Order for setting aside the observations and findings against the RP. On 29 October 2024, the Hon'ble NCLAT directed the lenders to keep the amounts appropriated by them during the Stay Period in a separate interest-bearing account during the pendency of the appeals. The appeals filed against the 1 October 2024 Order are currently sub judice.
- The standalone and consolidated financial results for the quarter and six months ended 30 September 2024 have been prepared and signed by the Chief Executive Officer and the Resolution Professional (RP) while exercising the powers of Board of Directors of the Company which has been conferred upon him in terms of the provisions of Section 17, read with Section 23 of the Insolvency and Bankruptcy Code 2016.
- The above results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and as per the presentation requirements of SEBI Circular CIR/CFD/FAC/62/2016 dated OS July 2016 and other accounting principles generally accepted in India.
- The Statutory Auditors have disclaimed their opinion in the reviewed financial results In respect of the standalone and consolidated financial results for the quarter and six months ended 30 September 2024.
- The Company has incurred a net loss (including other comprehensive income) of� 453.12 million and " 892.69 million during the quarter and six months ended 30 September 2024, and as of that date, the Company's accumulated losses amount to " 28,817.95 million resulting in a negative net worth of it: 11,882.65 million and its current liabilities exceeded its current assets by" 16,040.30 million resulting in negative working capital.
Further, the Group has incurred a net loss of (including other comprehensive income) :t: 540.52 million and" 1,016.88 million during the quarter and six months ended 30 September 2024, and as of that date, the Group's accumulated losses amount to � 27,498.22 million resulting in a negative net worth of" 10,562.86 million and its current liabilities exceeded its current assets by it: 15,602.87 million resulting in negative working capital.
Accordingly, there exists a material uncertainty about the Company's/ Group's ability to continue as a going concern since the future of the Company/ Group is dependent upon the successful implementation of a Resolution plan. Since the CIRP is currently in progress, as per the Code, it is required that the Company be managed as a going coHcern during the CIRP period. The standalone and consolidated financial information has been prepared assuming going concern basis of accounting, although there exists material uncertainty about the Company's/ Group's ability to continue as going concern since the same is dependent upon the successful implementation of a resolution plan.
--- -- - ----
7. Pursuant to the commencement of CIRP of theCompany under Insolvency and Bankruptcy Code, 2016, the Resolution Professional has begun to receive claims from financial creditors, operational creditors, employees and other creditors as on 22 February 2023 and if any changes/updates which have happened during the stay period on CIRP up to 10 August 2023.
- Pursuant to the commencement of CIRP of the Company under Insolvency and Bankruptcy Code, 2016, certain information including the minutes of meetings of the Committee of Creditors ('Coe') held on various dates, and the outcome of certain procedures carried out as a part of the CIRP are confidential in nature and could not be shared with anyone other than the members of CoC and Hon'ble NCLT. However, the stock exchanges have been regularly intimated about the convening of the meeting of the committee of creditors and the same is being released by the company via public announcements.
- During the year ended 31 March 2024, the bank and financial institutions exercising their rights under various facility agreements have received an amount of " 1,230.00 million from the Company's bank account against the borrowings which have been classified as non-performing asset (NPA). Due to non-availability of confirmations from certain lenders, the Company has adjusted such amounts, with the liability for 'Principal Outstanding' on borrowings in the books of accounts.
The financial creditors have submitted claims amounting to� 12,060.33 million as on 10 August 2023, out of which� 11,292.66 million have been admitted by the Resolution Professional. The operational creditors, statutory authorities, employees and other creditors have submitted claims amounting to� 19,834.60 million as on 10 August 2023, out of which� 7,066.86 million have been admitted and � 3,391.56 has been admitted contingently by the Resolution Professional.
Pursuant to the 1 October Order, the RP has requested the operational creditors of the Company to submit revised claims, as on 22 February 2023. The RP is in the process of verifying the fresh claims being received by the Company.
In connection with the above appropriation, Asset Reconstruction Company {India) Limited, one of the financial creditors of the Company, has filed an application with NCLT, Mumbai seeking directions that moratorium was in force during the stay period (i.e., from 7 March 2023 to 10 August 2023) and directions against certain creditors to refund the amount appropriated by them during the Stay Period.
On 1 October 2024, the Hon'ble NCLT directed the banks and financial institutions to refund the amounts appropriated by them during the stay period. However, the banks and financial creditors have filed appeals before the Hon'ble NCLAT against the 1 October Order. On 29 October 2024, the Hon'ble NCLAT directed the lenders to keep the amounts appropriated by them during the Stay Period in a separate interest-bearing account during the pendency of the
10. As on 30 September 2024, the Company and some of its subsidiaries��have defaulted in repayment of bank loans and accounts have been classified as Non-Performing Assets (NPA) byappeals. The appeals filed against the 1 October Order are currently sub judice.