HomeAbout NiccoGroup CompaniesFinancial ResultsContact Details
 
The
Audited Financial Results
of
Nicco Corporation
Code of Conduct
Auditor's Certificate
NESL Accounts

Nicco Biotech Accounts
NE Cables Accounts
Nicco Cables Accounts

Annual General Meeting

Green Initiative in Corporate
Governance

Segmentwise Revenue 11-12

Audited Financial Results Quarter Ended 30th June 12
 
     

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
   
   
  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 STATEMENT OF ASSETS AND LIABILITIES
Rs. In Lacs
   
31ST MARCH
2012
(AUDITED
31ST MARCH
2011
(AUDITED)
1. Shareholders' Funds    
a. Share Capital
4,422.21
4,422.21
b. Reserves and Surplus
(7,332.92)
(6,267.48)
c. Money Received Against Share Warrants
280.00
160.00
  Sub-total - Shareholders' funds
(2,630.71)
(1,685.27)
2. Share Application money Pending Allotment    
3. Minority interest
129.81
153.03
4.
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 Proisions
883.85
856.87
  Sub-total - Non-Current Liabilities
9,303.64
13,483.61
  Current Liabilities :
a. Short Term Borrowings
4,997.85
3,747.61
b. Trade Payables
14,027.47
14,036.90
c. Other Current Liabilities
9,790.72
5,531.84
d. Short Term Provisions
1,110.08
1,133.77
  Sub-total - Current Liabilities
29,926.12
24,450.12
  TOTAL - EQUITY AND LIABILITIES
36,599.05
36,248.46
B. ASSETS :    
1. Non - Current Assets :    
  Fixed Assets
10,406.90
11,006.25
  Goodwill on consolidation
  Non - Current Investments
2,181.18
1,847.55
  Deferred Tax assets ( Net )
5,085.13
5,085.13
  Long Term Loans And Advances
522.50
618.70
  Other Non - Current Assets
1,257.54
1,057.89
  Sub - total - Non - Current Assets
19,453.25
19,615.52
  Current Assets :    
  Current Investments
-
-
  Inventories
2,917.93
3,320.13
  Trade Receivables
12,300.48
11,011.82
  Cash And Cash Equivalents
243.31
408.65
  Short Term Loans And Advances
1,683.18
1,891.42
  Other Current Assets
0.90
0.92
  Sub - total - Current Assets
17,145.79
16,632.94
  TOTAL - ASSETS
36,599.05
36,248.46

 
FOR NICCO CORPORATION LIMITED
N DAS
DIRECTOR & CHAIRMAN - AUDIT COMMITTEE
         
 
UDAYAN RAY
MANAGING DIRECTOR & CFO
        For G. BASU & Co.
CHARTERED ACCOUNTANTS
S. LAHIRI
PARTNER
Basu House,
3, Chowringhee Approach
KOLKATA - 700 072
       
RAJIVE KAUL
CHAIRMAN
 
 
INDRANIL MITRA
GENERAL MANAGER & CO. SECRETARY
PLACE :KOLKATA
DATE: THE 18 TH DAY OF MAY,2012
 
   
   
   
  Site Developed By: Nicco Ventures Limited