MARCH 2012 AUDITED FINANCIAL RESULTS |
STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2012 |
|
Stand alone basis |
Consolidated |
|
Quarter Ended |
Year Ended |
Year ended |
Sr. No. |
Particulars |
31st March 2012 (Unaudited) |
31st December 2011 (Unaudited) |
31st March 2011 (Unaudited) |
31st March 2012 (Unaudited) |
31st March 2011 (Unaudited) |
31st March 2012
(Audited) |
31st March 2011 (Audited) |
1 |
Income from Operations |
|
(a) Net Sales (Net of Excise Duty) |
17630.32 |
16076.50 |
13841.43 |
66161.44 |
70227.70 |
67896.72 |
71601.40 |
|
(b) Other Operating Income |
430.54
|
525.54 |
576.96 |
1554.92 |
2337.24 |
1600.73 |
2337.24 |
|
Total Income from Operations (Net) |
18060.86 |
16602.04 |
14418.39 |
67716.36 |
72564.94 |
69497.45 |
73938.64 |
2 |
Expenses |
|
(a) Cost of Raw Materials Consumed |
6178.08 |
6010.36 |
6817.35 |
28508.13 |
32044.61 |
28824.57 |
32318.16 |
|
(b) Purchases of Stock-in-Trade |
5041.46 |
4022.79 |
827.70 |
12262.29 |
5729.44 |
13211.59 |
6445.28 |
|
(c ) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
1246.12 |
335.48 |
(807.28) |
(483.62) |
768.56 |
(475.04) |
819.23 |
|
(d) Employee Benefits Expenses |
896.94 |
1285.27 |
1397.31 |
4525.20 |
5088.70 |
4658.37 |
5166.58 |
|
(e) Depreciation and Amortisation Expenses |
311.20 |
365.31 |
474.78 |
1373.61 |
1266.13 |
1399.15 |
1288.96 |
|
(f) Other Expenses |
4460.80 |
4207.54 |
5111.91 |
18015.00 |
20215.85 |
18267.47 |
20600.89 |
|
Total Expenses |
18134.60 |
16226.75 |
13821.77 |
64200.61 |
65113.29 |
65886.11 |
66639.10 |
3 |
Profit / (Loss) from Operations before Other Income, Finance Costs and Exceptional Item (1-2) |
(73.74) |
375.29 |
596.62 |
3515.75 |
7451.65 |
3611.34 |
7299.54 |
4 |
Other Income |
293.53 |
252.98 |
311.90 |
673.62 |
719.96 |
685.50 |
706.93 |
5 |
Profit from ordinary activities before Finance Costs and Exceptional Items (3+4) |
219.79 |
628.27 |
908.52 |
4189.37 |
8171.61 |
4296.84 |
8006.47 |
6 |
Finance Costs |
206.03 |
330.62 |
275.69 |
1395.82 |
972.25 |
1399.58 |
973.81 |
7 |
Profit from ordinary activities after Finance Costs but before Exceptional Items (5-6) |
13.76 |
297.65 |
632.83 |
2793.55 |
7199.36 |
2897.26 |
7032.66 |
8 |
Exceptional Item |
- |
- |
1020.00 |
610.00 |
1020.00 |
610.00 |
1020.00 |
9 |
Profit / (Loss) from ordinary activities Before Tax (7-8) |
13.76 |
297.65 |
(387.17) |
2183.55 |
6179.36 |
2287.26 |
6012.66 |
10 |
Tax Expense |
21.78 |
188.52 |
(173.25) |
622.30 |
1810.75 |
635.61 |
1806.10 |
11 |
Net Profit / (Loss) from ordinary activities After Tax (9-10) |
(8.02) |
109.13 |
(213.92) |
1561.25 |
4368.61 |
1651.65 |
4206.56 |
12 |
Share of Profit/(Loss) of Associates |
- |
- |
- |
- |
- |
(201.84) |
42.67 |
13 |
Minority Interest |
- |
- |
- |
- |
- |
22.65 |
21.24 |
14 |
Net Profit/(Loss) after Taxes, Minority Interest and Share of Profits/(Loss) of Associates (11+12+13) |
(8.02) |
109.13 |
(213.92) |
1561.25 |
4368.61 |
1472.46 |
4270.47 |
15 |
Paid-up Equity Share Capital (Face Value of `5/- per Equity Share) |
550.28 |
550.28 |
550.28 |
550.28 |
550.28 |
550.28 |
550.28 |
16 |
Reserve excluding Revaluation Reserves as per Balance Sheet of previous Accounting Year |
|
|
|
21524.79 |
20219.36 |
22523.96 |
21218.03 |
17 |
Basic and Diluted Earnings per Share of `5/- each (not annualised) |
(0.07) |
0.99 |
(1.94) |
14.19 |
39.69 |
13.38 |
38.80 |
Part II |
|
Stand alone basis |
Consolidated |
|
Quarter Ended |
Year Ended |
Year ended |
Sr. No. |
Particulars |
31st March 2012 (Unaudited) |
31st December 2011 (Unaudited) |
31st March 2011 (Unaudited) |
31st March 2012 (Unaudited) |
31st March 2011 (Unaudited) |
31st March 2012
(Audited) |
31st March 2011 (Audited) |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
|
|
1 |
Public Shareholding: |
|
- Number of Shares |
8884431 |
8884431 |
8884431 |
8884431 |
8884431 |
8884431 |
8884431 |
|
- Percentage of Shareholding |
80.73% |
80.73% |
80.73% |
80.73% |
80.73% |
80.73% |
80.73% |
2 |
Promoters and promoter group Shareholding: |
|
|
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
|
|
- Number of shares |
38600 |
38600 |
40600 |
38600 |
40600 |
38600 |
40600 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
1.82% |
1.82% |
1.92% |
1.82% |
1.92% |
1.82% |
1.92% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
0.35% |
0.35% |
0.37% |
0.35% |
0.37% |
0.35% |
0.37% |
|
b) Non-encumbered |
|
|
|
|
|
|
|
|
- Number of shares |
2082599 |
2082599 |
2078389 |
2082599 |
2078389 |
2082599 |
2078389 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
98.18% |
98.18% |
98.08 |
98.18% |
98.08% |
98.18% |
98.08% |
|
- Percentage of shares (as a % of the total share capital of the Company) |
18.92% |
18.92% |
18.88% |
18.92% |
18.88% |
18.92% |
18.88% |
|
Particulars |
3 months ended (31.03.2012) |
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
|
|
Pending at the beginning of the quarter |
|
|
0 |
|
|
|
|
|
Received during the quarter |
|
|
5 |
|
|
|
|
|
Disposed of during the quarter |
|
|
5 |
|
|
|
|
|
Remaining unresolved at the end of the quarter |
|
|
0 |
|
|
|
|
|
STATEMENT OF ASSETS AND LIABILITIES |
( In Lacs) |
|
|
Stand alone basis |
Consolidated |
|
|
As at 31st March |
As at 31st March |
Sr
No. |
Particulars |
2012 |
2011 |
2012 |
2011 |
A |
EQUITY AND LIABILITIES |
1 |
Shareholders' Funds: |
|
(a) Share Capital |
550.28 |
550.28 |
550.28 |
550.28 |
|
(b) Reserves and Surplus |
21524.79 |
20219.36 |
22523.96 |
21218.03 |
|
Shareholders' Funds |
22075.07 |
20769.64 |
23074.24 |
21768.31 |
2 |
Minority Interest |
|
|
26.11 |
48.76 |
3 |
Deferred Government Grants |
32.09 |
39.41 |
32.09 |
39.41 |
4 |
Non Current Liabilities |
|
|
|
|
|
(a) Long Term Borrowings |
2914.92 |
1380.25 |
2916.85 |
1384.91 |
|
(b) Deferred Tax Liabilities (Net) |
1081.01 |
928.71 |
1081.01 |
928.71 |
|
(c) Other Long Term Liabilities |
28.92 |
50.59 |
28.92 |
50.59 |
|
(d) Long Term Provisions |
857.39 |
814.75 |
870.31 |
820.57 |
|
Non Current Liabilities |
4882.24 |
3174.30 |
4897.09 |
3184.78 |
5 |
Current Liabilities |
|
|
|
|
|
(a) Short Term Borrowings |
9205.84 |
10190.31 |
9273.74 |
10190.31 |
|
(b) Trade Payables |
15810.32 |
10732.44 |
16277.21 |
11181.57 |
|
(c) Other Current Liabilities |
2970.19 |
1775.82 |
3029.86 |
1810.15 |
|
(d) Short Term Provisions |
476.91 |
1129.32 |
488.37 |
1141.21 |
|
Current Liabilities |
28463.26 |
23827.89 |
29069.18 |
24323.24 |
|
TOTAL EQUITY AND LIABILITIES |
55452.66 |
47811.24 |
57098.71 |
49364.50 |
B |
ASSETS |
1 |
Non Current Assets |
|
(a) Fixed Assets |
13419.37 |
11695.11 |
13493.09 |
11791.86 |
|
(b) Non Current Investments |
525.23 |
696.26 |
224.28 |
426.27 |
|
(c) Deferred Tax Assets |
- |
- |
- |
5.27 |
|
(d) Long Term Loans and Advances |
873.64 |
1257.98 |
879.92 |
1264.35 |
|
(e) Other Non Current Assets |
221.06 |
1.00 |
221.15 |
1.00 |
|
Non Current Assets |
15039.30 |
13650.35 |
14818.44 |
13488.75 |
2 |
Current Assets |
|
(a) Current Investments |
- |
25.00 |
- |
102.70 |
|
(b) Inventories |
16534.15 |
13954.62 |
16818.41 |
14213.17 |
|
(c) Trade Receivables |
16374.94 |
15088.23 |
16592.38 |
15456.33 |
|
(d) Cash and Cash Equivalents |
2772.51 |
849.10 |
4097.05 |
1834.83 |
|
(e) Short Term Loans and Advances |
3858.13 |
2980.21 |
3888.94 |
2997.73 |
|
(f) Other Current Assets |
873.63 |
1263.73 |
883.49 |
1270.99 |
|
Current Assets |
40413.36 |
34160.89 |
42280.27 |
35875.75 |
|
TOTAL ASSETS |
55452.66 |
47811.24 |
57098.71 |
49364.50 |
|
Notes: |
- The Board of Directors have recommended a dividend of `2.00 per equity share of ` 5/- each (Previous Year: ` 3.75 per share).
- In compliance with ad-interim Order passed by the Hon’ble Supreme Court on 13th May, 2011, the Company immediately suspended production and sale of Endosulfan. Subsequently, pursuant to Orders passed by the Hon’ble Supreme Court, the Company exported its entire stock of Endosulfan Technical and over one-third of Endosulfan Formulations stock during the year. The remaining stocks of Endosulfan Formulation are being exported as and when export orders are secured.
At the last hearing in the court matter related to Endosulfan, the Hon’ble Supreme Court has asked the Central Government for its suggestion as to how the stocks of Endosulfan Formulation and its raw materials should be disposed of/phased out.
The Company carries provision aggregating to `16.30 crores (including `6.10 crores made during the year 2011-12 and shown as Exceptional Item) in respect of stocks relating to Endosulfan. In the opinion of the Company, the amount of such provision is sufficient and reasonable.
- Endosulfan has been the single largest product of the Company. Its absence in the Company’s product portfolio for the major part of the year (barring exports as referred to above) severely impacted the Company’s sales and profits. Though the shortfall in the sales was made up to an extent by increased sale of other manufactured and traded products, there has been significant erosion in the margins for the year.
- Vide its order dated 23rd April, 2012, the Competition Commission of India held that there was a violation of Section 3 of the Competition Act, 2002, in relation to supply of Aluminium Phosphide Tablets to one of the buyers and imposed a penalty of `63.90 crores on the Company. The Company has decided to file an appeal against the said Order before the Competition Appellate Tribunal.
- The Company has only one primary business segment viz. Agri Inputs.
- The financial statements for the year ended 31st March, 2012 have been prepared as per the Revised Schedule VI to the Companies Act, 1956. Accordingly, the previous period’s figures have been regrouped/rearranged wherever necessary to make them comparable with the current period.
- The figures for the last quarter ended 31st March, 2012 and the corresponding quarter in the previous year are the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the end of the third quarter of the relevant financial year.
- The above results as reviewed by the Audit Committee have been approved at the meeting of the Board of Directors held on 30th May, 2012.
|
FOR EXCEL CROP CARE LIMITED |
Mumbai,
30th May, 2012. |
|
Dipesh K. Shroff
(Managing Director) |