Pasupati Acrylon for Acrylic Fibre

UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST MARCH, 2004

(Rs. Crores)

		Unaudited			Audited
S.No	Particulars	Quarter Ended		Year Ended	Year Ended
		31.03.2004	31.03.2003	31.03.2004	31.03.2003
1.	Gross Sales	72.81	62.26	237.66	205.22
	Less: Excise Duty	2.31	1.30	7.51	13.37
	NET SALES	70.50	60.96	230.15	191.85
2.	Other Income	1.77	0.81	4.72	1.97
3.	Total Income	72.27	61.77	234.87	193.82
4.	Expenditures
	- (Increase) / Decrease in Stock(s)	3.79	14.67	4.53	(8.60)
	- Consumption of Raw Materials	43.00	39.09	161.15	140.90
	- Power & fuel	5.26	4.76	19.59	20.42
	- Staff Cost	2.09	1.87	7.68	7.15
	- Other Expenditures	7.35	5.70	23.65	23.38
	Total Expenditures	61.49	66.09	216.60	183.25
5.	Profit Before Interest & Dep. (3-4)	10.78	(4.32)	18.27	10.57
6.	Interest	5.43	5.05	20.60	18.85
7.	Depreciation	3.06	2.97	12.10	12.14
8.	Profit / (Loss) Before Tax(5-6-7)	2.29	(12.34)	(14.43)	(20.42)
9.	Extra Ordinary Income	2.08	3.63	2.08	3.63
10.	Provision For Taxation	0.02	0.02	0.02	0.01
11.	Net Profit / Loss (8+9-10)	4.35	(8.73)	(12.37)	(16.80)
12.	Paid Up Equity Share Capital (Face value Rs. 10/- per share)	63.49	63.49	63.49	63.49
13.	Reserve (Excluding Revaluation Reserves)	---	----	-----	-----
14.	Earning Per Share(rs)
	- Basic	0.69	(1.38)	(1.95)	(2.65)
	- Diluted	0.51	(1.38)	(1.95)	(2.65)
15.	Aggregate of Non-Promoter Shareholdings
	-Number of Shares	33359766	33359766	33359766	33361766
	- Percentage of Shareholding	52.55%	52.55%	52.55%	52.55%

Notes:

These results have been taken on record by the Board of Directorsin the meeting held on 30^th April, 2004.
Figures have been regrouped wherever considered necessary.
The segment reporting as defined in AS - 17 issued by ICAI is not applicable.
The Net Deferred tax assets of Rs 25.57 crores as on 31.03.2003 (audited) & Rs. 4.45 Cr. (approx.) for the Financial Year 2003-04 (unaudited) has not been recognised in view of uncertinity of its realiasation, as recommended under Accounting Standard( AS) - 22 on "Deffered Taxation" issued by ICAI.
Intangible assets, being technical know-how & documentation, have run for more than ten years, hence carying amount Rs.8.61 Cr. appearing in Balance Sheet as on 31st March,2004 has been adjusted to opening balance of Profit & Loss Account, in accordance with AS-26 issued by ICAI.
The company had set-off accumulated losses of Rs 70.21 crores as at 31.03.02, against revaluation reserves arisen on revaluation of certain assets. This was qualified by the Auditors in the Audit Report for the year ended 31.03.02. The company did so based on legal opinion taken by the company.
During the quarter 15 investor complaints were received, which were attended by the company No investor complaints were pending either at the beginning or at the end of the quarter.
The extra ordinary income is on account of remission in certain term liabilities.

On behalf of Board of Directors

sd/-

Dated: 30th day of April, 2004
Place : New Delhi

Vineet Jain
Managing Director

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