Performance - Financials

Third Quarter Results 2006 - 2007

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AUDITED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 31ST DECEMBER, 2006
[Rs./Lakhs]
Sr. No.	PARTICULARS	QUARTER ENDED		NINE MONTHS ENDED		YEAR ENDED 31.03.2006
		31.12.2006	31.12.2005	31.12.2006	31.12.2005
1	Net Sales / Income from Operations (Note 1)
	Sales	6,485.15	8,900.71	20,252.87	18,051.13	27,652.44
	Conversion charges	5,815.73	2,830.98	14,586.82	11,797.28	15,452.54
	Sales and Conversion Charges (Gross)	12,300.88	11,731.69	34,839.69	29,848.41	43,104.98
	Less: Excise duty on Sales	128.25	898.3	962.61	1,840.11	2,508.94
	Sales and Conversion Charges (Net)	12,172.63	10,833.39	33,877.08	28,008.30	40,596.04
2	Other Income	342.97	157.09	803.44	538.10	943.68
	Total Income	12,515.60	10,990.48	34,680.52	28,546.40	41,539.72
3	Total Expenditure:
a)	(Increase)/Decrease in stock-in-trade	(246.31)	(556.75)	(594.89)	(1,619.95)	(181.85)
b)	Consumption of Raw Materials	671.61	5,112.09	5,669.01	11,541.44	14,644.03
c)	Purchase of Finished Goods	5,755.20	260.15	11,821.57	260.15	3,217.36
d)	Staff Cost	1,423.27	1,306.52	4,152.93	3,869.80	5,120.55
e)	Stores & Consumables	729.97	497.93	1,796.45	1,696.93	2,246.15
f)	Power, Fuel, etc	1,163.85	1,033.12	3,463.88	3,137.28	4,202.56
g)	Other Expenditure (Includes Freight & Handling, Repair & Maintenance etc.)	1,203.17	1,545.57	3,453.76	3,791.64	4,899.85
4	Profit before Depreciation, Interest & Tax (1+2-3)	1,814.84	1,791.85	4,917.81	5,869.11	7,391.07
5	Interest	393.84	398.75	1,158.30	1,135.03	1,469.28
6	Profit before Depreciation & Tax (4-5)	1,421.00	1,393.10	3,759.51	4,734.08	5,921.79
7	Depreciation	567.41	487.04	1,689.88	1,454.23	1,971.69
8	Profit before Tax	853.59	906.06	2,069.63	3,279.85	3,950.10
9	Provision for current taxation (Note - 2)	93.00	45.00	233.00	255.00	333.00
10	Mat Credit	(93.00)	-	(233.00)	-	(333.00)
11	Provision for Fringe Benefit Tax	26.35	30.00	61.35	80.00	100.00
12	Deferred tax Debit/(Credit)	285.82	-	709.83	-	(1,045.53)
13	Profit after Tax	541.42	831.06	1,298.45	2,944.85	4,895.63
14	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
15	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
16	Reserves (Excluding revaluation reserve)					1,516.12
17	Basic Earning Per Share - (Rupees) (Equity Shares) - not annualized	1.87	2.87	4.48	10.15	11.36
18	Diluted Earning Per Share - (Rupees) (Equity Shares) - not annualized ( Note - 4)	-	-	-	-	-
19	Aggregate of non promoter Shareholding :
	No of Equity Shares	19,756,889	19,656,889	19,756,889	19,656,889	19,656,889
	Percentage of share holding	68.11%	67.77%	68.11%	67.77%	67.77%

Notes:

1 Actual production (Including Conversion)

	Three months ended	Three months ended	Nine months ended	Nine months ended	Year Ended
	31.12.2006	31.12.2005	31.12.2006	31.12.2005	31.03.2006
	(in MT)	(in MT)	(in MT)	(in MT)	(in MT)
a) Cold Rolled Coils *	46,353	43,788	133,887	134,155	177,446
* Includes transferred to Electrolytic Tinplate production	40,712	38,118	120,017	114,545	152,858
b) Electrolytic Tinplate
- own production	922	17,191	14,313	35,381	45,526
- on conversion account	39,146	20,410	103,354	78,096	105,994
	40,068	37,601	117,667	113,477	151,520

2.

Current taxation represents Minimum Alternate Tax in view of carry forward losses/ unabsorbed depreciation. Related MAT credit for the period ended 31st December, 2006 has been recognized and company is confident that it would be in a position to pay normal tax within the period specified under Income Tax Act, 1961.

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 thenine months ended ended 31st December, 2006 Rs. 19830.08 lakhs includes domestic sales of Rs. 6761.88 lakhs. Details of export sales and period end debtors (being related capital employed overseas), are as follows:
	Three months ended Three months ended Nine months ended Nine months ended Year Ended 31.12.2006 31.12.2005 31.12.2006 31.12.2005 31.03.2006 (Rs. In Lacs) (Rs. In Lacs) (Rs. In Lacs) (Rs. In Lacs) (Rs. In Lacs) (i) Sales- 5,404.82 2,607.41 13,068.20 4,922.02 9,735.24 Asia 4,411.48 1,804.25 11,090.31 4,118.86 8,243.28 Others 317.85 - 390.72 - 117.67 (ii) Debtors- 1,585.77 1,130.37 1,585.77 1,130.37 731.14 Asia 1,468.66 880.36 1,468.66 880.36 670.41 Europe 79.02 250.01 79.02 250.01 39.52 Others 38.09 - 38.09 - 21.21
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.	With the introduction of AS - 15 ( Revised ) issued by The Institute of Chartered Accountants of India (ICAI) with effect from 1st April 2006 , the additional liability as at that date for certain employee benefits has been adjusted against the opening reserve & surplus as per the transitional provision
6.	Total number of investors complaints pending at the beginning of the quarter : Nil , Received during the quarter :1 , disposed off 1 : 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 have been taken on record by the Board of Directors of the company in its meeting of date.

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