AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED
MARCH 31, 2005 |
| |
(Rs Lakhs) |
| DESCRIPTION |
FOURTH QUARTER ENDED 31ST MARCH |
FINANCIAL YEAR ENDED 31ST MARCH |
2005
UNAUDITED |
2004
UNAUDITED |
2005
AUDITED |
2004
AUDITED |
| 1. |
Gross
Sales/Income from operations |
17,003.45 |
21,256.69 |
74,570.51 |
96,823.68 |
| |
Less:
Excise Duty |
1,929.88 |
1,960.91 |
9,077.75 |
8,771.31 |
| 2. |
Net
Sales/Income from operation |
15,073.57 |
19,295.78 |
65,492.76 |
88,052.37 |
| 3. |
Other
Income |
2,239.20 |
214.65 |
2,590.31 |
1,262.63 |
| 4. |
Total Expenditure |
| (a) |
(Increase)
/ Decrease in Stock-in-trade |
(1,962.83) |
4,884.68 |
(1,778.13) |
(159.13) |
| (b) |
Consumption
of Raw Materials |
7,816.70 |
5,321.44 |
31,516.30 |
26,617.65 |
| (c) |
Staff Cost |
1,719.98 |
3,855.06 |
6,892.74 |
21,791.31 |
| (d) |
Purchase
of Finished Goods for resale |
1,629.19 |
1,314.12 |
3,639.47 |
3,830.50 |
| (e) |
Other
Expenditure |
4,172.29 |
7,905.82 |
17,132.44 |
30,750.60 |
| 5. |
Profit
before Depreciation, Interest, and Taxation (2+3-4) |
3,937.45 |
(3,770.69) |
10,680.24 |
6,484.07 |
| 6. |
Interest
and Exchange fluctuation (Net) |
873.18 |
180.60 |
3,999.38 |
4,225.35 |
| 7. |
Depreciation |
537.48 |
826.63 |
1,851.28 |
3,198.26 |
| 8. |
Profit /(
Loss) before tax |
2,526.80 |
(4,777.92) |
4,829.58 |
(939.54) |
| 9. |
Provision for taxation |
|
-Current |
400.00 |
(75.00) |
400.00 |
35.00 |
|
-Deferred Tax |
(201.50) |
(786.65) |
(201.50) |
(936.27) |
| 10. |
Net Profit
/ (Loss) |
2,328.30 |
(3,916.27) |
4,631.08 |
(38.27) |
| 11. |
Paid up
equity Share Capital |
2,788.95 |
5,577.91 |
2,788.95 |
5,577.91 |
| |
Face Value : Rs.5/- per share. |
| 12. |
Reserves
and Surplus (Excluding Revaluation Reserve) |
27,047.58 |
19,627.55 |
27,047.58 |
19,627.55 |
| 13. |
Earning
Per Share (Basic & Diluted) for the Period/ Year (Rs) |
4.17 |
(7.02) |
8.30 |
(0.07) |
| 14. |
Aggregate of Non- Promoters Share Holding |
| |
Number of
Shares |
26351567 |
24895693 |
26351567 |
24895693 |
| |
Percentage
of Share holding |
47.24 |
44.63 |
47.24 |
44.63 |
|
|
TOP |
|
| NOTES |
| 1. |
The Company is engaged in the business of
manufacture and sale of dry cell batteries, flashlights and packet tea which come under a
single business segment known as Fast Moving Consumer Goods (FMCG) and there is no other
business segment of the company as envisaged under Accounting Standard 17 issued by the
Institute of Chartered Accountants of India. |
| 2. |
| (a) |
Pursuant to a Scheme of Arrangement between the
Company and Eveready Company India Limited (now known as McLeod Russel India Limited
(MRIL) after change of name) and their respective shareholders, which was sanctioned by
the High Court at Calcutta by its Order dated January 17, 2005, the Assets and Liabilities
of the Bulk Tea Division of the Company were transferred to and vested in MRIL with effect
from April 1, 2004. The Scheme has been given effect to in these accounts in accordance
with the said High Court Order. |
| (b) |
Pursuant to the Scheme the paid up Share Capital of
the Company stand reduced from Rs.55,77,90,020 divided into 5,57,79,002 Equity Shares of
Rs.10 each to Rs.27,88,95,010 divided into 5,57,79,002 Equity Shares of Rs.5 each fully
paid up by cancellation of paid up Share Capital to the extent of Rs.5 out of each of the
said fully paid up Equity Shares of Rs. 10 and by reduction of the nominal amount of all
the Equity Shares in the Company's Capital from Rs. 10 to Rs. 5 each. |
|
| 3. |
The adjustment to Revaluation Reserve of (a)
difference between the assets and liabilities of Bulk Tea Division amounting to Rs
45,832.84 Lakhs and (b) the recognition of the self generated intangible asset, being the
brand 'Eveready' and the effect of valuation/ restatement/ revision of certain assets and
liabilities of the Company amounting to Rs 52,965.46 Lakhs which has been in pursuance of
the scheme approved by the High Court at Calcutta is not in accordance with the Accounting
Standards and other guidance on accounting issued by the Institute of Chartered
Accountants of India. Had these been accounted for in accordance with the Accounting
Standards and other guidance on accounting issued by the Institute of Chartered
Accountants of India, the net impact (debit) on the Profit & Loss Account for the year
would have been Rs.54,037.81 Lakhs. |
| 4. |
Trial proceedings before the Chief Judicial
Magistrate, Bhopal, on the modified charges framed under the directions of the Supreme
Court that commenced in September 1997, are yet to be concluded. The Company has been
advised by legal counsel that the allegations made against it in the material on record in
the case are without any firm basis, and do not satisfy the essential ingredients of the
charges framed. The possibilities of criminal proceedings succeeding and the Company being
convicted are extremely remote and the charges are very likely to fail, and hence, no
provision is necessary at this stage. |
| 5. |
In computing the ‘Net Profit’ for
managerial remuneration, the carried forward loss of Rs.11,956.28 Lakhs, which stands
adjusted against General Reserves pursuant to the Scheme, has not been taken into account,
based on legal opinion received. |
| 6. |
Interest cost and Exchange fluctuation is after
taking into account expenditure by way of net exchange loss of Rs. 256.32 Lakhs (31st
March 2004 – gain Rs. 2,672.96 Lakhs) on translation of loans in foreign currency. |
| 7. |
There were no investor complaints pending at the
beginning and at the end of the quarter. Twelve complaints were received and disposed off
during the quarter. |
| 8. |
The figures for the current year are not comparable
with those of the previous year as the figures for previous year include transactions
relating to the Bulk Tea Division subsequently transferred to MRIL |
| 9. |
Figures of the previous periods have been
regrouped/rearranged wherever considered necessary. |
| 10. |
The above statement was taken on record by the
Board of Directors of the Company at their meeting held on April 28, 2005. |
|
|
Kolkata
April 28, 2005 |
EVEREADY
INDUSTRIES INDIA LIMITED
Suvamoy Saha
Director |
|
|
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