Performance - Financials

First Quarter Results 2007 - 2008

Archive

AUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30TH JUNE, 2007
[Rs./Lakhs]
Sr. No.	PARTICULARS	THREE MONTHS ENDED		YEAR ENDED 31.03.2007
		30.06.2007	30.06.2006
1	Net Sales / Income from Operations (Note 1)
	Sales	3905.68	7,388.08	26,155.43
	Conversion charges	4421.18	4,130.35	20,474.30
	Sales and Conversion Charges (Gross)	8326.86	11,518.43	46,629.73
	Less: Excise duty on Sales	175.5	520.35	1,155.66
	Sales and Conversion Charges (Net)	8151.36	10,998.08	45,474.07
2	Other Income (Note - 6)	497.85	168.4	1,535.89
	Total Income	8649.21	11,166.48	47,009.96
3	Total Expenditure:
	(Increase)/Decrease in stock-in-trade	(111.59)	(697.29)	152.28
	Consumption of Raw Materials	901.32	3,960.93	6,496.20
	Purchase of Finished Goods	2720.3	2,067.53	16,018.50
	Staff Cost	1530	1,364.39	5,624.13
	Stores and Consumables	761.69	537.79	2,502.09
	Power, Fuel, etc	1111.07	1,126.41	4,552.71
	Other Expenditure (Includes Freight & Handling, Repair & Maintenance etc.)	778.03	1,178.05	4,780.29
4	Profit before Depreciation, Interest and Tax (1+2-3)	958.39	1,628.67	6,883.76
5	Interest	327.57	355.95	1,553.57
6	Profit before Depreciation and Tax (4-5)	630.82	1,272.72	5,330.19
7	Depreciation (Note - 7)	559.91	560.08	2,261.60
8	Profit before Tax	70.91	712.64	3,068.59
9	Provision for current taxation (Note - 2)	9	80	358.45
10	MAT Credit	-	(80.00)	(350)
11	Provision for Fringe Benefit Tax	10	15	86.35
12	Deferred tax Debit/(Credit)	30.55	242.9	1,085.70
13	Profit after Tax	21.36	454.74	1,888.09
14	Paid up Equity Share Capital ( face value of equity share is Rs. 10/- each)	2899.79	2,890.91	2,890.91
15	Paid up Preference Share Capital (face value of preference share is Rs.100/- each)	11233	11,233.00	11,233.00
16	Reserves (Excluding revaluation reserve)			2,676.99
17	Basic Earning Per Share - (Rupees) (Equity Shares) - not annualized	0.07	1.57	6.51
18	Diluted Earning Per Share - (Rupees) (Equity Shares) - not annualized ( Note - 4)	-	-	-
19	Aggregate of public Shareholding :
	No of Equity Shares	19756889	19,756,889	19,756,889
	Percentage of share holding	68.11%	67.77%	68.11%

Notes:

1 Actual production (Including Conversion)

	Three months ended		Year Ended
	30.06.2007	30.06.2006	31.03.2007
	(in MT)	(in MT)	(in MT)
a) Cold Rolled Coils *	43,123	41,944	178,841
* Includes transferred to Electrolytic Tinplate production	39,695	39,168	160,152
b) Electrolytic Tinplate
- own production	1866	11,152	15,840
- on conversion account	36120	29,357	141,591
	37,986	40,509	157,431

2.	Current taxation represents Minimum Alternate Tax in view of carry forward losses/ unabsorbed depreciation.

3.	The company’s operations predominantly is manufacture of Electrolytic Tinplate in course of which certain intermediate product namely Full hard cold rolled coils in small quantity are also produced and marketed. The Company is managed organizationally as an unified entity and all its assets other than export debtors are located in India. Sales (gross) without considering export incentive for the 3 months period ended 30th June, 2007 Rs. 3827.15 lakhs includes domestic sales of Rs. 1243.14 lakhs. Details of export sales and period end debtors (being related capital employed overseas), are as follows:
	30.06.2007 30.06.2006 31.03.2007   (Rs. In Lacs) (Rs. In Lacs) (Rs. In Lacs) (i) Sales- 2584.00 3,491.72 17,479.01 Asia 2,068.13 2990.92 14,239.23 Europe 446.13 326.80 2,405.01 Others 69.74 174.00 834.77 (ii) Debtors-(net of advances) (53.14) 642.48 (94.48) Asia (38.97) 465.10 (79.16) Europe (12.60) 116.16 (14.81) Others (1.57) 61.22 (0.51)
4.	According to a legal opinion the right of conversion of the Non-Cumulative Optionally Convertible Preference Shares (OCPS) into Equity Shares, if and when exercised would be as per SEBI guidelines prevailing at the time of exercising the option. Therefore number of potential Equity Shares and diluted Earnings per Share (EPS) are not currently ascertainable.
5.	Pursuant to The Companies (Accounting Standard) Rules 2006 becoming applicable to the Company w.e.f. 1st April, 2007, exchange gain (Rs. 77.88 Lakhs) on Foreign Currency Loans taken for acquisition of certain imported Fixed Assets (hitherto adjusted with the carrying amount of such fixed assets) is now recognised as income, thereby increasing profit by the corresponding amount.
6.	Other Income includes Profit on cancellation of forward exchange contract Rs.116.84 Lakhs and old liabilities and provisions no longer required written back Rs. 79.62 Lakhs.
7.	Depreciation charge on certain items of Plant & Machinery is lower by Rs. 33.72 Lakhs, resulting from their reclassification (based on a technical assessment) as continuous process plant in keeping with Schedule XIV of The Companies Act, 1956 .
8.	Total number of investors complaints pending at the beginning of the quarter : Nil , Received during the quarter :Nil , disposed off Nil : and pending at the end of the quarter : Nil.
9.	Figures for the corresponding period have been rearranged and regrouped wherever necessary.
10.	The above results have been taken on record by the Board of Directors of the company in its meeting of date.

company :  sustainability :  technology :  products :  investor relations :  careers