|
NICCO CORPORATION LIMITED
Regd.Off : NICCO HOUSE, 2 Hare Street,Kolkata - 700001
AUDITED
FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST MARCH' 2012 |
|
(Rs. in Lacs) |
|
|
1 |
2
|
3
|
4
|
5
|
Sl.No. |
Particulars
|
Quarter |
|
Year |
ended
31.03.12
(Audited) |
ended
31.12.11
(Audited)
|
ended
31.03.11
(Audited)
|
ended
31.03.12
(Audited)
|
ended
31.03.11
(Audited)
|
1. |
Net Sales / Income from Operations (Net
of Excise duty) |
6,905 |
5,389
|
8,634
|
28,195
|
28,350
|
|
Other operating income |
244
|
162
|
183
|
696
|
646
|
|
Total Income from operations (net) |
7,149
|
5,551
|
8,817
|
28,891
|
28,996
|
2. |
Expenditure
|
(a) |
Cost of Materials consumed |
316 |
310
|
5,154
|
13,911
|
13,310
|
(b) |
Purchase of stock-in-trade |
2,854 |
3,350
|
301
|
3,738
|
4,466
|
(c) |
Changes of inventories of finished goods,work-in-progress
and stock-in-trade |
567 |
(5)
|
1,070
|
633
|
688
|
(d) |
Employee benefit expense |
738 |
727
|
680
|
2,936
|
2,967
|
(e) |
Depreciation and amortisation expense |
163 |
163
|
171
|
660
|
706
|
(f) |
Other Expenditure |
2,113
|
705
|
1,200
|
4,387
|
6,386
|
(g) |
Total |
6,751
|
5,250
|
8,576
|
26,265
|
28,523
|
3. |
Profit/(loss) from operations before other
income,finance costs and Exceptional Items (1-2) |
398
|
301
|
241
|
2,626
|
473
|
4. |
Other Income |
74 |
24 |
43 |
184 |
150 |
5. |
Profit/(loss) from ordinary activities before
finance costs and Exceptional Items (3+4) |
472 |
325 |
284 |
2,810 |
623 |
6. |
Finance Costs |
1,016 |
914 |
1,084 |
3,685 |
3,406 |
7. |
Profit/(loss) from ordinary activities after
finance costs but before exceptional Items (5+6) |
(544)
|
(589)
|
(800)
|
(875)
|
(2,783)
|
8. |
Exceptional items |
- |
-
|
-
|
-
|
670
|
9. |
Profit / Loss from ordinary activities before
Tax (7+8) |
(544) |
(589)
|
(800)
|
(875)
|
(2,113)
|
10. |
Tax Expense
|
|
Deferred Tax
|
(861)
|
-
|
(565)
|
(714)
|
(573)
|
|
Income Tax |
-
|
-
|
-
|
-
|
-
|
11. |
Net Profit / Loss from ordinary activities
after Tax ( 9 - 10) |
317 |
(589)
|
(235)
|
(161)
|
(1,540)
|
12. |
Extra ordinary items (net of tax expenses
Rs. Lacs) |
1,058 |
|
|
1,007
|
|
13. |
Net Profit / Loss for the period (11 - 12)
|
(741) |
(589)
|
(235)
|
(1,168)
|
(1,540)
|
14. |
Paid up Equity Share Capital (Face Value
of Rs.2/- each) |
2,238
|
2,238
|
2,238
|
2,238
|
2,238
|
15. |
Reserves excluding Revaluation Reserve
|
|
|
|
(11,722)
|
(10,555)
|
16.i |
Earning per Share (in Rs)
|
|
|
|
|
|
|
Before Extra Ordinary Items |
|
|
|
|
|
|
Basic |
(0.66) |
(0.55)
|
(0.25)
|
(1.14)
|
(1.47)
|
|
Diluted |
(0.66) |
(0.55)
|
(0.25)
|
(1.14)
|
(1.47)
|
16 ii |
After Extra Ordinary Items
|
|
|
|
|
|
|
Basic |
(1.61)
|
(0.55)
|
(0.89)
|
(0.24)
|
(2.07)
|
|
Diluted |
(1.61)
|
(0.55)
|
(0.89)
|
(0.24)
|
(2.07)
|
A.. |
PARTICULARS OF SHAREHOLDING
|
|
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
|
- No of Shares |
86,309,139
|
86,309,136
|
86,309,136
|
86,309,139
|
86,309,136
|
|
- Percentage of Shareholding |
77.14%
|
77.14%
|
77.14%
|
77.14%
|
77.14%
|
18. |
Promoters and Promoter group Shareholding |
|
|
|
|
|
a). |
Pledged/Encumbered |
|
|
|
|
|
|
- Number of Shares |
|
|
|
9,765,725
|
9,765,725
|
|
- Percentage of Shares ( as a % of the total
shareholding of promoter and promoter group) |
|
|
|
38.17%
|
38.17%
|
|
- Percentage of Shares ( as a % of the total
share Capital of the company) |
|
|
|
8.73%
|
8.73%
|
b). |
Non - encumbered |
|
|
|
|
|
|
- Number of Shares |
|
|
|
15,817,544
|
15,817,547
|
|
- Percentage of Shares ( as a % of the total
shareholding of promoter and promoter group) |
|
|
|
61.83%
|
61.83%
|
|
- Percentage of Shares ( as a % of the total
share Capital of the company) |
|
|
|
14.14%
|
14.14%
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
Pending at the beginning of the quarter
|
|
|
|
Nil
|
|
|
Received during the quarter |
|
|
|
6
|
|
|
Disposed of during the quarter |
|
|
|
6
|
|
|
Remaining unresolved at the end of the quarter
|
|
|
|
Nil
|
|
|
Notes : |
1.
2.
3.
4.
5.
6.
7.
8.
9. |
The above audited
financial results, after being reviewed by audit committee,
were approved by the Board of Directors during meeting
dated 18th May,2012.
9,52,300, 5% cumulative redeemable preference shares of
Rs.100/- each are overdue for redemption. Company's offer
for the renewal of the same is pending decision of shareholders
for acceptance and ultimate order of BIFR.
The Board of Directors has approved an agreement for a
Joint venture between the Company and Oriental Manufactures
Pvt. Ltd.(OMPL)for formation of a Jointly controlled entity
for the purpose of assigning project division therein.OMPL
or it's subsidiary is to hold majority stake in said newly
formed company, the company being minority stakeholder
therein.A definitive agreement has been signed with OMPL
to that effect.CDR/BIFR/Lenders approval has been sought
for implementation of the decision.
Following Reference to BIFR u/s 15 of SICA,The Company
has been declared sick under Sick Industrial Companies
(Special Provisions) Act,1985 vide it's order dated August
23,2011.BIFR has directed the company to submit a rehabilitation
package,pending further directives from BIFR,the company
continues to operate under CDR scheme.
An investment of Rs.4.99 lacs in NE Cables Ltd. has been
divested as per approval of CDR.
Issue of equity shares against proceeds of application
money from NRETF amounting to Rs.280 Lacs is pending approval
from appropriate authorities.
The extra ordinary item of Rs.1007 lacs comprises of (1)
impact of change in deferred tax treatment Rs.714 lacs
and (2) interest of earlier years under arbitration award
Rs.292.50 lacs.
Audit Observation:
a). Retention of brought forward balance against deferred
tax asset (net) is ascribed to management action plan
confirming adequacy of future profit.
b). Application of additional prudence contributing to
change in treatment of Deferred tax added to the loss
by Rs.714 lacs with corresponding decline in capital employed
during the quarter.Besides this, extra ordinary expenses
includes Rs.292.50 lacs towards interest payment for earlier
financial years under arbitration award.
Previous year/period figures have been regrouped and rearranged
where ever necessary in terms of current period.
|
|
FOR NICCO CORPORATION LIMITED |
|
|
|
N DAS
DIRECTOR & CHAIRMAN AUDIT COMMITTEE |
|
|
|
|
|
UDAYAN RAY
MANAGING DIRECTOR & CFO |
For G. BASU & Co.
CHARTERED ACCOUNTANTS |
|
|
|
|
|
RAJIVE KAUL
CHAIRMAN |
S. LAHIRI
PARTNER
Basu House,
3, Chowringhee Approach
KOLKATA - 700 072 |
INDRANIL MITRA
GENERAL MANAGER & CO. SECRETARY
|
|
PLACE :KOLKATA
DATE: THE 18 TH DAY OF MAY,2012 |
|
|
CONSOLIDATED AUDITED FINANCIAL
RESULTS
FOR THE QUARTER ENDED 31ST MARCH' 2012
|
(Rs.in Lacs)
|
|
|
1
|
2
|
3
|
4
|
5
|
Sl.No. |
Particulars
|
Quarter
|
Year
|
ended
31.03.12
(Audited)
|
ended
31.12.11
(Audited)
|
ended
31.03.11
(Audited)
|
ended
31.03.12
(Audited)
|
ended
31.03.11
(Audited)
|
1. |
Income from operations |
|
|
|
|
|
a. |
Net sales/Income from operations (Net of
Excise duty) |
6,906
|
5,389
|
8,634
|
28,195
|
29,471
|
b. |
Other operating income |
244
|
162
|
183
|
696
|
646
|
|
Total Income from operations
(net) |
7,150
|
5,551
|
8,817
|
28,891
|
30,117
|
2. |
Expenditure |
|
|
|
|
|
a. |
Cost of Materials consumed |
316
|
3,351
|
5,152
|
13,911
|
13,308
|
b. |
Purchase of stock-in-trade |
2,854
|
310
|
301
|
3,738
|
4,768
|
c. |
Changes of inventories of finished goods,work-in-progress
and stock-in-trade |
567
|
(5)
|
1,071
|
633
|
707
|
d. |
Employee benefit expense |
739
|
729
|
682
|
2,942
|
3,263
|
e. |
Depreciation and amortisation expense |
172
|
171
|
175
|
695
|
736
|
f. |
Other Expenditure |
2,117
|
708
|
1,204
|
4,400
|
6,687
|
|
Total expenses |
6,764
|
5,264
|
8,585
|
26,318
|
29,468
|
3. |
Profit/(loss) from operations before other
income,finance costs and Exceptional Items (1-2) |
385
|
287
|
232
|
2,573
|
650
|
4. |
Other Income |
27
|
28
|
46
|
199
|
(504)
|
5. |
Profit/(loss) from ordinary activities before
finance costs and Exceptional Items (3+4) |
412
|
315
|
278
|
2,772
|
146
|
6. |
Finance Costs |
1,016
|
914
|
1,083
|
3,685
|
3,407
|
7. |
Profit/(loss) from ordinary activities after
finance costs but before exceptional Items (5+6) |
(604)
|
(599)
|
(805)
|
(913)
|
(3,262)
|
8. |
Exceptional items |
|
|
|
|
|
9. |
Profit / Loss from ordinary activities before
Tax (7+8) |
(604)
|
(599)
|
(805)
|
(913)
|
(3,262)
|
10. |
Tax Expense |
|
|
|
|
|
|
Deferred Tax |
(147)
|
-
|
(565)
|
-
|
(408)
|
|
Income Tax |
-
|
-
|
-
|
-
|
-
|
11. |
Net Profit / Loss from ordinary activities
after Tax ( 9 - 10) |
(457)
|
(599)
|
(240)
|
(913)
|
(2,854)
|
12. |
Extra ordinary items (net of tax expenses
Rs. Lacs) |
363
|
|
|
363
|
(670)
|
13. |
Net Profit / Loss for the period (11 - 12)
|
(820)
|
(599)
|
(240)
|
(1,277)
|
(2,184)
|
14. |
Share of profit/ (loss) of associates |
130
|
88
|
86
|
362
|
196
|
15. |
Minority Interest |
|
|
|
|
|
16. |
Net Profit/(loss) after taxes,minority interest
and share of profit/(loss) of associates (13+14+15) |
(690)
|
(511)
|
(154)
|
(915)
|
(1,989)
|
17. |
Paid up Equity Share Capital (Face Value
of Rs.2/- each) |
2,238
|
2,238
|
2,238
|
2,238
|
2,238
|
18. |
Reserves excluding Revaluation Reserve |
|
|
|
(11,008)
|
(10,093)
|
19.i |
Earning per Share (in Rs) |
|
|
|
|
|
|
Before Extra Ordinary Items |
|
|
|
|
|
|
Basic |
(0.71)
|
(0.55)
|
(1.37)
|
(1.23)
|
(1.45)
|
|
Diluted |
(0.71)
|
(0.55)
|
(1.37)
|
(1.23)
|
(1.45)
|
19.ii |
After Extra Ordinary Items |
|
|
|
|
|
|
Basic |
(0.39)
|
(0.55)
|
(1.37)
|
(0.58)
|
(2.04)
|
|
Diluted |
(0.39)
|
(0.55)
|
(1.37)
|
(0.58)
|
(2.04)
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
|
No of Shares |
86,309,139
|
86,309,136
|
86,309,136
|
86,309,139
|
86,309,136
|
|
Percentage of Shareholding |
77.14%
|
77.14%
|
77.14%
|
77.14%
|
77.14%
|
2. |
Promoters and Promoter group Shareholding
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
|
- Number of Shares |
|
|
|
9,765,725
|
9,765,725
|
|
- Percentage of Shares ( as a % of the
total shareholding of promoter and promoter group)
|
|
|
|
38.17%
|
38.17%
|
|
- Percentage of Shares ( as a % of the
total share Capital of the company)
|
|
|
|
8.73%
|
8.73%
|
b. |
Non - encumbered |
|
|
|
|
|
|
- Number of Shares |
|
|
|
15,817,544
|
15,817,544
|
|
- Percentage of Shares ( as a % of the total
shareholding of promoter and promoter group) |
|
|
|
61.83%
|
61.83%
|
|
- Percentage of Shares ( as a % of the total
share Capital of the company) |
|
|
|
14.14%
|
14.14%
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
Pending at the beginning of the quarter
|
|
|
|
Nil
|
|
|
Received during the quarter |
|
|
|
6
|
|
|
Disposed of during the quarter |
|
|
|
6
|
|
|
Remaining unresolved at the end of the quarter
|
|
|
|
Nil
|
|
Notes : |
1. |
The above audited financial results, after
being reviewed by audit committee, were approved by the
Board of Directors during meeting dated 18th May,2012.
|
2. |
9,52,300, 5% cumulative redeemable preference
shares of Rs.100/- each are overdue for redemption. Company's
offer for the renewal of the same is pending decision
of shareholders for acceptance and ultimate order of BIFR.
|
3. |
The Board of Directors has approved an agreement
for a Joint venture between the Company and Oriental Manufactures
Pvt. Ltd.(OMPL)for formation of a Jointly controlled entity
for the purpose of assigning project division therein.OMPL
or it's subsidiary is to hold majority stake in said newly
formed company, the company being minority stakeholder
therein.A definitive agreement has been signed with OMPL
to that effect.CDR/BIFR/Lenders approval has been sought
for implementation of the decision. |
4. |
Following Reference to BIFR u/s 15 of SICA,The
Company has been declared sick under Sick Industrial Companies
(Special Provisions) Act,1985 vide it's order dated August
23,2011.BIFR has directed the company to submit a rehabilitation
package,pending further directives from BIFR,the company
continues to operate under CDR scheme. |
5. |
An investment of Rs.4.99 lacs in NE Cables
Ltd. has been divested as per approval of CDR. |
6. |
Issue of equity shares against proceeds
of application money from NRETF amounting to Rs.280 Lacs
is pending approval from appropriate authorities. |
7. |
The extra ordinary item of Rs.1007 lacs
comprises of (1) impact of change in deferred tax treatment
Rs.714 lacs and (2) interest of earlier years under arbitration
award Rs.292.50 lacs. |
8. |
Audit Observation: |
a. |
Retention of brought forward balance against
deferred tax asset (net) is ascribed to management action
plan confirming adequacy of future profit. |
b. |
Application of additional prudence contributing
to change in treatment of Deferred tax added to the loss
by Rs.714 lacs with corresponding decline in capital employed
during the quarter.Besides this, extra ordinary expenses
includes Rs.292.50 lacs towards interest payment for earlier
financial years under arbitration award. |
9. |
Previous year/period figures
have been regrouped and rearranged where ever necessary
in terms of current period. |
|
FOR NICCO CORPORATION LIMITED |
|
N DAS
DIRECTOR & CHAIRMAN AUDIT COMMITTEE |
|
|
|
|
|
UDAYAN RAY
MANAGING DIRECTOR & CFO |
For G. BASU & Co.
CHARTERED ACCOUNTANTS |
|
|
|
|
|
RAJIVE KAUL
CHAIRMAN |
S. LAHIRI
PARTNER
Basu House,
3, Chowringhee Approach
KOLKATA - 700 072 |
INDRANIL MITRA
GENERAL MANAGER & CO. SECRETARY
|
|
PLACE :KOLKATA
DATE: THE 18 TH DAY OF MAY,2012 |
|
|
STATEMENT OF ASSETS AND LIABILITIES
|
Rs. In Lacs
|
|
YEAR ENDED
|
Sl.No. |
PARTICULARS
|
31ST MARCH
2012
(AUDITED)
|
31ST MARCH
2011
(AUDITED)
|
|
|
|
I. Shareholder's Funds : |
|
|
a). |
Share Capital |
4,422.21
|
4,422.21
|
b). |
Reserves and Surplus |
(8,634.56)
|
(7,317.69)
|
c). |
Money Received Against Share
Warrants |
280.00
|
160.00
|
|
Sub-total - Shareholders'
funds |
(3,932.35)
|
(2,735.48)
|
2. |
Share Application money Pending Allotment
|
|
|
3. |
Non - Current Liabilities : |
|
|
a. |
Long Term Borrowings |
8,254.41
|
12,447.72
|
b. |
Deferred Tax Liabilities ( Net ) |
|
|
c. |
Other Long Term Liabilities
|
35.57
|
25.99
|
d. |
Long Term Provisions |
883.85
|
856.87
|
|
Sub-total - Non-Current Liabilities |
9,173.83
|
13,330.58
|
4). |
Current Liabilities : |
|
|
a). |
Short Term Borrowings |
4,997.85
|
3,747.61
|
b). |
Trade Payables |
14,027.48
|
14,036.90
|
d). |
Other Current Liabilities |
9,782.84
|
5,525.60
|
e). |
Short Term Provisions |
1,109.48
|
1,133.21
|
|
Sub-total - Current Liabilities |
29,917.65
|
24,443.32
|
|
TOTAL - EQUITY AND LIABILITIES |
35,159.13
|
35,038.42
|
B. |
ASSETS : |
|
|
1. |
Non - Current Assets : |
|
|
|
Fixed Assets |
8,754.89
|
9,340.71
|
|
Non - Current Investments |
2,427.84
|
2,432.83
|
|
Deferred Tax assets ( Net ) |
5,085.13
|
5,085.13
|
|
Long Term Loans And Advances |
513.12
|
608.48
|
|
Other Non - Current Assets |
1,257.54
|
1,057.89
|
|
Sub - total - Non - Current Assets |
18,038.52
|
18,525.04
|
2. |
Current Assets : |
|
|
a. |
Current Investments |
|
|
b. |
Inventories |
2,917.93
|
3,320.13
|
c. |
Trade Receivables |
12,292.62
|
11,010.87
|
d. |
Cash And Cash Equivalents |
227.11
|
383.12
|
e. |
Short Term Loans And Advances |
1,682.95
|
1,799.26
|
f. |
Other Current Assets |
-
|
-
|
|
Sub - total - Current Assets |
17,120.61
|
16,513.38
|
|
TOTAL - ASSETS |
35,159.13
|
35,038.42
|
|
FOR NICCO CORPORATION LIMITED |
|
N DAS
DIRECTOR & CHAIRMAN AUDIT COMMITTEE |
|
|
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UDAYAN RAY
MANAGING DIRECTOR & CFO |
For G. BASU & Co.
CHARTERED ACCOUNTANTS |
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RAJIVE KAUL
CHAIRMAN |
S. LAHIRI
PARTNER
Basu House,
3, Chowringhee Approach
KOLKATA - 700 072 |
INDRANIL MITRA
GENERAL MANAGER & CO. SECRETARY
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PLACE :KOLKATA
DATE: THE 18 TH DAY OF MAY,2012 |
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CONSOLIDATED STATEMENT OF ASSETS
AND LIABILITIES
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Rs. In Lacs
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31ST MARCH
2012
(AUDITED
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31ST MARCH
2011
(AUDITED)
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1. |
Shareholders' Funds
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a. |
Share Capital |
4,422.21
|
4,422.21
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b. |
Reserves and Surplus |
(7,332.92)
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(6,267.48)
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c. |
Money Received Against
Share Warrants |
280.00
|
160.00
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Sub-total - Shareholders' funds |
(2,630.71)
|
(1,685.27)
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2. |
Share Application money Pending
Allotment |
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3. |
Minority interest |
129.81
|
153.03
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4. |
Non - Current Liabilities :
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a. |
Long Term Borrowings
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8,254.41
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12,447.72
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b. |
Deferred Tax Liabilities ( Net )
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-
|
-
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c. |
Other Long Term Liabilities
|
35.57
|
25.99
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d. |
Long Term Proisions
|
883.85
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856.87
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Sub-total - Non-Current
Liabilities |
9,303.64
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13,483.61
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Current Liabilities : |
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a. |
Short Term Borrowings |
4,997.85
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3,747.61
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b. |
Trade Payables |
14,027.47
|
14,036.90
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c. |
Other Current Liabilities |
9,790.72
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5,531.84
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d. |
Short Term Provisions |
1,110.08
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1,133.77
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Sub-total - Current
Liabilities |
29,926.12
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24,450.12
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TOTAL - EQUITY AND LIABILITIES |
36,599.05
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36,248.46
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B. |
ASSETS : |
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1. |
Non - Current Assets
: |
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Fixed Assets |
10,406.90
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11,006.25
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Goodwill on consolidation |
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Non - Current Investments
|
2,181.18
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1,847.55
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Deferred Tax assets ( Net ) |
5,085.13
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5,085.13
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Long Term Loans And Advances
|
522.50
|
618.70
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Other Non - Current
Assets |
1,257.54
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1,057.89
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Sub - total - Non - Current Assets |
19,453.25
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19,615.52
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Current Assets : |
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Current Investments |
-
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-
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Inventories |
2,917.93
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3,320.13
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Trade Receivables |
12,300.48
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11,011.82
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Cash And Cash Equivalents
|
243.31
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408.65
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Short Term Loans And Advances |
1,683.18
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1,891.42
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Other Current Assets |
0.90
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0.92
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Sub - total - Current Assets |
17,145.79
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16,632.94
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TOTAL - ASSETS |
36,599.05
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36,248.46
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FOR NICCO CORPORATION LIMITED
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N DAS
DIRECTOR & CHAIRMAN - AUDIT COMMITTEE |
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UDAYAN RAY
MANAGING DIRECTOR & CFO |
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For G. BASU & Co.
CHARTERED ACCOUNTANTS |
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|
S. LAHIRI
PARTNER
Basu House,
3, Chowringhee Approach
KOLKATA - 700 072 |
|
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|
RAJIVE KAUL
CHAIRMAN
|
|
|
|
INDRANIL MITRA
GENERAL MANAGER & CO. SECRETARY |
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PLACE :KOLKATA
DATE: THE 18 TH DAY OF MAY,2012 |
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