Punjab Alkalies & Chemicals Limited

Unaudited Financial Results (Provisional) for the Quarter and Half Year Ended 30th September, 2007

(Rs. in Lakhs)
Sr. No. Particulars
Quarter Ended 30.09.2007  (Unaudited)
Quarter    Ended   30.09.2006 (Unaudited)
   Half Year Ended  30.09.2007 (Unaudited)   Half Year Ended   30.09.2006 (Unaudited) Previous Accounting Year  Ended    31.3.2007     (Audited)
1 Sales (incl.Excise Duty) 6127.88 5394.48 11318.38 12035.28 23578.54
  Excise Duty 877.70 786.98 1610.57 1747.93 3406.12
  Net Sales/Income from operations 5250.18 4607.50 9707.81 10287.35 20172.42
2 Other Income 27.61 51.86 76.54 111.69 254.83
3 Total Income (1+ 2)
5277.79
4659.36
9784.35
10399.04
20427.25
4 Expenditure      
  a) (Increase)/Decrease in stock in trade and work in progress (25.47) (12.92) 8.45 (31.14) (70.87)
  b) Consumption of raw materials, power & fuel etc. 3610.28 3406.65 6929.75 7335.25 14625.74
  c) Purchase of traded goods 48.35 50.44 144.14 96.33 321.73
  d) Employees Cost 370.00 310.34 707.64 616.78 1326.55
  e) Depreciation 324.63 337.94 655.11 668.87 1359.45
  e) Other Expenditure 280.66 437.81 541.63 696.20 1370.83
  Total 4608.45 4530.26 8986.72 9382.29 18933.43
5 Interest 292.61 315.97 583.73 656.75 1257.95
6 Exceptional Items - - - - -
7 Profit/(Loss) from Ordinary Activities before tax (3) - (4+5+6) 376.73 (186.87) 213.90 360.00 235.87
8 Tax Expense          
  a) Provision of Taxation - MAT 31.96 (12.53) 31.96 52.52 37.64
  b) Fringe Benefit Tax 2.11 2.05 4.49 4.25 11.25
  c) Deferred Tax 127.33 210.14 69.13 131.29 87.75
      Total 161.40 199.66 105.58 188.06 136.64
9  Net Profit/(Loss) from Ordinary Activities after Tax (7-8) 215.33 (386.53) 108.32 171.94 99.23
10 Extraordinary Items (Net of tax expense) - - - - -
11 Net Profit/(Loss) for the period (9-10) 215.33 (386.53) 108.32 171.94 99.23
12 Paid up equity share capital (Face Value Rs.10/-) 2049.96 2049.95 2049.96 2049.95 2049.96
13 Reserves excluding revaluation reserves - - - - 3629.35
14 Earnings/(Loss) per Share (Rs.) (Not Annualised)          
  a) Basic 1.05 (1.89) 0.53 0.84 0.48
  b) Diluted 0.34 (1.89) 0.22 0.34 0.28
15 Public 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. The Board of Directors had subsequently decided to defer the matter regarding the issue of Equity Shares of the Company to IDBI, IFCI, LIC and PNB upon conversion of part of their loans, for the time being.

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   30th September,   2007. The     Company     received   9    investor  complaints/queries during  the  said quarter  which  were disposed off. There were no investor complaints/queries pending in the end of the said quarter.

 5.  The above results were taken on record by the Board in its meeting held on 31st October, 2007.

 
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