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| FINANCIAL RESULTS |
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Unaudited Financial results For the Quarter ended 31st
December 2002.
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(Rupees in Lacs)
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| Particulars |
Quarter
ended |
Nine
months
ended |
Previous year
ended (Audited) |
| 31/12/02 |
31/12/01 |
31/12/02 |
31/12/01 |
31/03/2002 |
| 1 |
Net sales/Income
from Operations |
20886 |
21415 |
69132 |
68835 |
100059 |
| 2 |
Other
Income |
73 |
142 |
598 |
484 |
689 |
| 3 |
Total
Expenditure |
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a)
Consumption of raw materials |
14614 |
15038 |
46697 |
47619 |
66422 |
| b)
Increase/Decrease in Stock |
(217) |
(162) |
(1685) |
(526) |
1757 |
| c)
Staff Cost |
2686 |
3160 |
8257 |
9812 |
12898 |
| d)
Other Expenditure |
3260 |
2752 |
10744 |
9957 |
14961 |
| |
20343 |
20788 |
64013 |
66862 |
96038 |
| 4 |
Profit
before Interest & depreciation(1+2-3) |
596 |
769 |
5717 |
2457 |
4710 |
| 5 |
Interest |
1307 |
1522 |
4016 |
4636 |
6048 |
| 6 |
Depreciation |
1030 |
1007 |
3015 |
2979 |
4056 |
| 7 |
Profit(+)/Loss(-)
before tax(4-5-6) |
-1741 |
-1760 |
-1350 |
-5158 |
-5394 |
| 8 |
Provision
for Tax |
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a)
Current |
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|
5 |
5 |
11 |
| b)
Deferred(see note 3below) |
(640) |
(644) |
(555) |
(1738) |
(2019) |
| 9 |
Net
Profit(+)/Loss(-)(7-8) |
-1101 |
-1116 |
-800 |
-3425 |
-3386 |
| 10 |
Paid
up equity share capital (Face Value=Rs10) |
16117 |
16117 |
16117 |
16117 |
16117 |
| 11 |
Reserves
(excl revaluation reserves) |
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|
1767 |
| 12 |
Basic/Diluted
earnings per share (Rs) |
-0.68 |
-0.69 |
-0.50 |
-2.13 |
-2.10 |
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* Excluding amount paid in respect of forfeited
shares. |
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Notes:
1) The company adopts Cenvat inclusive method of accounting and therefore, excise duty is accounted as expenditure net of Cenvat benefits. Accordingly, net sales figure has been derived by deducting from gross sales value the amount of such Excise Duty.
2) The Company continues to adopt the same accounting policies in respect of the matters referred to by the Auditors of the Company, in their report for the year ended 31st March 2002, which are as follows: -
a) Leave liability in respect of employees is accounted for to the extent of actual encashment. b) Gratuity liability is accounted for to the extent of actual payments, which together with future payments would be sufficient to meet the liability as and when it arises.
c) Future monthly payments to employees under Voluntary Early Retirement Schemes are accounted for as and when paid.
d) Cenvat element is included in valuation of inventories in view of the requirement of Section 145A of the Income Tax Act, 1961.
e) No provision has been considered necessary in respect of certain doubtful debts, claims and advances, as the Company is hopeful of recovering these amounts.
ii) The effect of the above non-compliances up to March 31, 2002 was Rs.3729 lacs (net of deferred tax).
Since the above issues are not quantified at quarterly intervals, the impact of the same cannot be given for the quarter/ nine months ended December 31, 2002.
3) In view of Accounting Standard 22 on “Accounting for taxes on income”, deferred tax asset of Rs.555 lacs has been considered for the nine months ending 31.12.2002. The management, based on profitability projections, is hopeful to claim the above tax benefit in future years.
4) The agreements for salaries/wages revision with the employees at certain units are under negotiation. The impact of such revision being presently unascertainable will be accounted for after finalisation of the respective agreements.
5) The above results have been taken on record at the meeting of Board of Directors of the Company held on
31st January 2003.
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