Punjab Alkalies & Chemicals Limited

PUNJAB ALKALIES & CHEMICALS LIMITED

Unaudited Financial Results (Provisional) for the Quarter ended 31st December, 2006

(Rs. in Lakhs)
Sr. No. Particulars
Quarter Ended 31.12.2006  (Unaudited)
Quarter    Ended   31.12.2005 (Unaudited)
   Nine Months Ended   31.12.2006 (Unaudited)   Nine Months Ended   31.12.2005 (Unaudited) Previous Accounting Year  Ended    31.3.2006     (Audited)
1 Sales (incl.Excise Duty) 6186.32 5250.76 18221.60 18514.70 24586.24
  Excise Duty 898.17 755.14 2646.10 2690.76 3547.76
  Net Sales 5288.15 4495.62 15575.50 15823.94 21038.48
2 Other Income 74.51 94.37 186.20 229.55 287.82
3 Total Expenditure          
  a) (Increase)/Decrease in stock in trade (92.46) 8.33 (123.60) (69.62) (14.02)
  b) Consumption of raw materials, power & fuel etc. 3755.65 3299.45 11090.90 10187.45 13868.61
  c) Purchase of trading items 91.93 50.78 188.26 50.78 199.47
  d) Staff Cost 444.45 420.23 1061.23 1047.75 1312.51
  e) Other Expenditure 357.00 297.56 1053.20 1108.68 1466.84
4 Gross Profit before interest & depreciation 806.09 513.64 2491.71 3728.45 4492.89
5 Interest 308.88 346.38 965.63 1021.65 1360.14
6 Profit before depreciation 497.21 167.26 1526.08 2706.80 3132.75
7 Depreciation etc. 355.52 333.36 1024.39 1012.14 1342.99
8 Net Profit/(Loss) before taxation 141.69 (166.10) 501.69 1694.66 1789.76
9 a) Provision for Taxation - MAT 19.64 - 72.16 139.64 135.21
  b) Fringe Benefit Tax 4.44 5.86 8.69 12.05 16.55
  c) Deferred Tax 44.20 - 175.49 - 373.36
10 Net Profit/(Loss) after taxation 73.41 (171.96) 245.35 1542.97 1264.64
11 Paid up equity capital (Face Value Rs.10/-) 2049.95 2049.92 2049.95 2049.92 2049.95
12 Reserves excluding revaluation reserves - - - - 3632.32
13 Earnings/(Loss) per Share (Rs.) (Not Annualised)          
  a) Basic 0.36 (0.84) 1.20 7.54 6.17
  b) Diluted 0.15 (0.84) 0.48 2.80 2.28
14 Aggregate of Non-promoter Shareholding:          
  a) Number of Shares 11445550 11445550 11445550 11445550 11445550
  b) Percentage of Shareholding 55.74% 55.74% 55.74% 55.74% 55.74%

Notes:

1. The  Company   has  accounted  for  interest  as  per  the    Revised    Restructuring   Package   approved   by    the Corporate   Debt   Restructuring   (CDR)    Empowered   Group   at   the   maximum   interest  rate    of    10.5%  p.a.   in case of all lenders  except  ICICI   Bank  Limited,   Bank   of  Punjab  Limited   and  Punjab  &  Sind  Bank     where  the interest has been accounted for @  6% p.a., 5.26% p.a. and 9% p.a., respectively.

 2. The Revised Restructuring Package sanctioned by the  CDR   Empowered   Group   on 15th  June, 2004   inter-alia provided an option   for conversion of part of loans into Equity  Shares  and  Cumulative  Redeemable Preference  shares  on at  par basis to the lenders who  opt  for  this  option.   Accordingly,  Industrial   Development  Bank   of  India   Limited  (IDBI),  IFCI  Limited  (IFCI),  Life   Insurance   Corporation  of    India   (LIC)   and    Punjab   National    Bank  (PNB)   have opted for this option. The  Company   has   also   received   notices    from  IDBI   and   IFCI   for   the conversion of part  of  loan  into Equity Shares and from PNB and LIC for  the conversion  of   part  of   loan   into   Equity Shares and Cumulative Redeemable Preference Shares. The Board of Directors had,    inter-alia, agreed, in principle, to issue subject  to  the consent  of the  Shareholders under the relevant provisions of the Companies   Act, 1956 and also  subject   to   the   outcome   of   the   Informal  Guidance  of   the Securities and Exchange Board of India (SEBI) by    way   of   Interpretive   Letter   under   the   SEBI   (Informal  Guidance) Scheme, 2003 sought by the Company vide its letter dated  10th  April,  2006,  regarding  applicability of  the  Guidelines   for   Preferential Issues (as amended) as per Chapter XIII of SEBI   (Disclosure   and Investor Protection) Guidelines, 2000, and also subject to such other approvals, permissions, sanctions and  consents as may be necessary, said shares of the Company to IDBI, IFCI, PNB and LIC as per their notices.

3.  The  Company operates  in a single business segment  viz., Chemicals.  Hence  segment  reporting   under AS-17 is not applicable.

4.  The Company did not have any investor complaint/query  pending   at  the  beginning  of  the   quarter   ended   31st December,   2006. The     Company     received   13   investor  complaints/queries during  the  said quarter  out of which 9 were disposed off in the said quarter and remaining 4 were pending at the end of the said quarter, which were disposed off in the beginning of the current quarter.

 5.  The above results were taken on record by the Board in its meeting held on 29th January, 2007.

 
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