Unaudited Financial results for the Quarter ended 31st March,
2005
(Rupees in Lacs)
Particulars
Quarter
ended
Twelve
months
ended
31.03.2005
31.03.2004
31.03.2005
31.03.2004(Audited)
1
Net sales/Income
from Operations
26960
23188
92840
72920
2
Other
Income
629
302
1382
983
3
Total
Expenditure
a)
Consumption of raw materials
19509
15275
63635
46991
b)
Increase/Decrease in Stock
-71
200
738
1351
c)
Staff Cost
2809
3163
10652
10950
d)
Other Expenditure
3656
4055
14207
14947
25903
22693
89232
74239
4
Profit(+)/Loss(-)
before Interest and Depreciation (1+2+3)
1686
797
4990
-336
5
Interest
956
1384
3917
5535
6
Depreciation
1025
1185
4130
4120
7
Provision
for Tax
a)
Wealth Tax
2
2
9
9
b)
Deferred
(1905)
8
Profit/Loss
(-) before Tax (4-5-6)
-295
-1772
-3057
-9991
9
Net
Profit/Loss(-) (7-8)
-297
-1774
-3066
-8095
10
Paid
up equity share capital* (Face Value=Rs10)
16117
16117
16117
16117
11
Reserves
(excl. revaluation reserves)
448
12
Basic/Diluted
earnings per share (Rs.)
-0.18
-1.10
-1.90
-5.02
13
Aggregate
of non promoter shareholding
-
No of shares
113925428
113651428
113925428
113651428
- Percentage
of shareholding
70.69%
70.52%
70.69%
70.52%
*
Excluding amount paid in respect of forfeited shares
Notes:
The above results have been reviewed by the Audit
Committee and taken on record by the Board of Directors at
their respective meetings held on 30th April, 2005.
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.
i) 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 2004, which are as follows: -
Leave liability
in respect of employees is accounted for to the extent of
actual encashment.
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.
Future monthly payments to employees under Voluntary
Early Retirement Schemes are accounted for as and when
paid.
Cenvat element is included in valuation
of inventories in view of the requirement of Section 145A of
the Income Tax Act, 1961.
No provision has been
considered necessary in respect of certain doubtful debts,
claims and advances, as the Company is hopeful of recovering
these amounts.
Deferred Tax Asset has been accounted for
till 30th September 2003 as per Accounting Standard 22. No
credit for Deferred Tax Asset has been considered
subsequently in the accounts, pending review of the
company’s business plans in view of evolving business
scenario.
ii) The combined effect of the above accounting policies
(excluding Point No. 3(i) (e) above) would result in an
increase in losses upto 31st December 2004 by Rs.8782 lacs
(Rs.8692 lacs upto 31st March 2004) and for the quarter
ended 31st March 2005 by Rs.196 lacs.
Prior period figures have been re-grouped/rearranged,
wherever necessary.
During the quarter the Company has formed a subsidiary by
the name of AVTEC Limited. The Board of Directors and
shareholders have approved a proposal to hive off the
company’s Power Unit Plant at Pithampur and Power Product
Division at Hosur into its above subsidiary, subject to
other applicable approvals.
Number of Investor complaints :- i) Pending at the beginning of this quarter – 4
ii) Received during the quarter – 78 iii) Disposed off during the quarter – 82 iv) Lying unresolved at the end of the quarter – 0
At their meeting held on 19th February 2005, the Board of
Directors has decided to extend the accounting year till
30th June 2005.
The quarterly results have been reviewed by the auditors
as required under clause 41 of the Listing Agreement.
Segment-wise Revenue, Results and Capital Employed
(Rupees in Lacs)
Particulars
Quarter
ended
Twelve months
ended
31.03.2005
31.03.2004
31.03.2005
31.03.2004
1
Segment
Revenue (Net Sales)
a)
Automobiles
23359
19957
80392
63391
b)
Automatic Transmissions
3597
3224
12369
9522
c)
Others
4
7
79
7
Total
26960
23188
92840
72920
Less:
Inter Segment Revenue
0
0
0
0
Total
Net sales/ income from operations
26960
23188
92840
72920
2
Segment
Results
Profit/Loss(-)
before Interest and Taxes
a)
Automobiles
-40
-976
-1837
-6085
b)
Automatic Transmissions
809
782
3150
2217
c)
Others
-38
-83
-123
-229
TOTAL
731
-277
1190
-4097
Less:
Interest
956
1384
3917
5535
Less:
Unallocable Expenses, Net
of Unallocable income
70
111
330
359
Profit/loss(-)
before Tax
-295
-1772
-3057
-9991
3
Capital
Employed in the reportable segments (As
at the end of the period)
a)
Automobiles
31458
33406
31458
33406
b)
Automatic Transmissions
7344
6175
7344
6175
c)
Others
114
72
114
72
Capital
Employed in reportable segments
38916
39653
38916
39653
The products covered in the reportable business segments are as follows: -
