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Performance - Financials

Half Yearly Results 2005 - 2006

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  AUDITED FINANCIAL RESULTS FOR
THE HALF YEAR ENDED 30TH SEPTEMBER, 2005

  [Rs./Lakhs]

Sr. No.

PARTICULARS

QUARTER ENDED

HALF YEAR ENDED

YEAR ENDED
31.03.2005
(AUDITED)

30.09.2005
(AUDITED)

30.09.2004
(UNAUDITED)

30.09.2005
(AUDITED)

30.09.2004
(UNAUDITED)

 1

 Net Sales / Income from Operations (Note 2)

 

 

 

 

 

 

 Sales

 3,954.17

 1,593.48

 8,957.80

 2,535.37

 7,524.08

 

 Conversion charges

 4,665.55

 3,982.75

 8,966.30

 8,686.32

 17,616.79

 

 Export Incentive

 84.5

 288.53

 192.62

 425.93

 749.79

 

 Sales and Conversion Charges (Gross)

 8,704.22

 5,864.76

 18,116.72

 11,647.62

 25,890.66

 

 Less: Excise duty on Sales

 495.39

 194.29

 941.81

 268.5

 554.92

 

 Sales and Conversion Charges (Net)

 8,208.83

 5,670.47

 17,174.91

 11,379.12

 25,335.74

 2

 Other Income

 194.66

 349.44

 381.01

 504.53

 1,012.59
  Total Income 8,403.49 6,019.91 17,555.92 11,883.65 26,348.33

 3

 Total Expenditure:

 

 

 

 

 

 a)

 (Increase)/Decrease in stock-in-trade

 -506.07

 -23.21

 -1,063.20

 117.89

 -348.71

 b)

 Consumption of Raw Materials

 2,850.48

 1,108.57

 6,429.35

 1,663.06

 5,490.06

 c)

 Staff Cost

 1,288.33

 1,174.14

 2,563.28

 2,344.49

 4,570.37

 d)

 Stores & Consumables

 574.44

 327.4

 1,199.00

 931.58

 2,012.04

 e)

 Power, Fuel, etc

 1,023.59

 969.26

 2,104.16

 1,949.75

 3,960.22

 f)

 Other Expenditure (Includes Freight & Handling, Repair & Maintenance etc.)

 1,089.43

 1,072.16

 2,246.07

 1,817.38

 3,852.88
 4 Profit before Depreciation, Interest & Tax (1+2-3) 2,083.29 1,391.59 4,077.26 3,059.50 6,811.47

 5

 Interest

 372.19

 431.34

 736.28

 888.79

 1,709.83
 6 Profit before Depreciation & Tax (4-5) 1,711.10 960.25 3,340.98 2,170.71 5,101.64

 7

 Depreciation

 483.84

 509.01

 967.19

 974.67

 1,888.69
 8 Profit before Tax 1,227.26 451.24 2,373.79 1,196.04 3,212.95

 9

 Provision for current taxation (Note - 3a)

 105

 50

 210

 50

 165

 10

 Provision for Fringe Benefit Tax

 30

 -

 50

 -

 
 11 Profit after current Tax 1,092.26 401.24 2,113.79 1,146.04 3,047.95

 12

 Paid up Equity Share Capital ( face value of equity share is Rs. 10/- each)

 2,890.91

 2,890.91

 2,890.91

 2,890.91

 2,890.91

 13

 Paid up Preference Share Capital (face value of preference share is Rs.100/- each)

 11,233.00

 11,233.00

 11,233.00

 11,233.00

 11,233.00

 14

 Reserves (Excluding revaluation reserve)

 

 

 

 

 531.25

 15

 Basic Earning Per Share - (Rupees) (Equity Shares) - not annualized

 3.77

 1.38

 7.28

 3.95

 10.51

 16

 Diluted Earning Per Share - (Rupees) (Equity Share) - Not annualized (Note - 5)

 

 

 

 

 

 17

 Aggregate of non promoter Shareholding :

 

 

 

 

 

 

 No of Equity Shares

 19,656,889

 19,656,889

 19,656,889

 19,656,889

 19,656,889

 

 Percentage of share holding

 67.77%

 67.77%

 67.77%

 67.77%

 67.77%
Notes:
1 The Company's accumulated loss of Rs. 1897.66 lakhs as on 31st March 2005, has been fully wiped out during the half year ended 30th September 2005.

 

 

 

 

 

 

 
2 Actual production (Including Conversion)


 

  Three months ended Three months ended HALF YEAR ENDED HALF YEAR ENDED Year ended

 

 30.09.2005

 30.09.2004

 30.09.2005

 30.09.2004

 31.03.2005

 

 (in MT)

 (in MT)

 (in MT)

 (in MT)

 (in MT)

 a) Cold Rolled Coils *

 45,013

 38,540

 90,367

 80,252

 167,217

 * Includes transferred to Electrolytic Tinplate production

 37,422

 32,886

 76,427

 66,528

 142,612

 b) Electrolytic Tinplate

 

 

 

 

 

 - own production

 7,256

 3,336

 18,190

 5,191

 15,045

 - on conversion account

 30,201

 29,414

 57,686

 60,765

 125,620

 

 37,457

 32,750

 75,876

 65,956

 140,665
3.
(a)

(b)

Current taxation represents Minimum Alternate Tax in view of carry forward losses/ unabsorbed depreciation. Period end net deferred tax assets arising mainly out of unabsorbed tax depreciation, carried forward tax losses etc., have not been recognized in these accounts as a measure of prudence in keeping with Accounting Standard (AS) - 22, issued by the Institute of Chartered Accountants of India (ICAI).
    
4.
 

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 a unified entity catering predominantly to the domestic market along with export to a few countries with similar economic environment and, therefore, according to the management, this is a single segment company as envisaged in AS-17 issued by ICAI.
    
5.
 

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.
    
6.
 

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 .
    
7.
 

Figures for the corresponding period have been rearranged and regrouped wherever necessary.
    
8.
 

The above results were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors held on 13th of October, 2005.

Kolkata
13th October, 2005		 By Order of the Board
B.L.Raina
(Managing Director)