Pasupati Acrylon for Acrylic Fibre

UNAUDITED FINANCIAL RESULTS (PROVISIONAL)
FOR THE QUARTER ENDED 30TH SEPTEMBER, 2004

(Rs./ Crores)

S.No	Particulars	Quarter Ended		Half Year Ended		Audited Year ended
		30.09.2004 (Reviewed)	30.09.2003 (Unaudited)	30.09.2004 (Reviewed)	30.09.2003 (Unaudited)	31.03.2004
1.	Gross Sales	90.88	61.30	162.11	104.70	236.96
	Less: Excise Duty	0.70	1.65	3.73	3.08	7.71
	NET SALES	90.18	59.65	158.38	101.62	229.25
2.	Other Income	1.78	1.08	2.80	1.64	7.96
3.	Total Income	91.96	60.73	161.18	103.26	237.21
4.	Total Expenditures
	(a) (Increase) / Decrease in Stock(s)	6.23	1.06	(0.08)	(2.31)	4.71
	(b) Consumption of Raw Materials	58.40	44.50	110.35	79.47	159.69
	(c) Staff Cost	1.94	1.82	3.89	3.68	7.63
	(d) Other Expenditures	14.28	10.54	25.74	20.39	43.65
	Total Expenditures	80.85	57.92	139.90	101.23	215.68
5.	Profit Before Interest & Dep. (3-4)	11.11	2.81	21.28	2.03	21.53
6.	Interest	4.80	4.59	9.44	9.28	17.88
7.	Depreciation	2.60	3.06	5.25	6.12	10.48
8.	Profit / (Loss) Before Tax(5-6-7)	3.71	(4.84)	6.58	(13.37)	(6.83)
9.	Provision For Taxation	---	---	---	---	0.02
10.	Net Profit / Loss (8-9)	3.71	(4.84)	6.58	(13.37)	(6.85)
11.	Paid Up Equity Share Capital (Face value Rs. 10/- per share)	63.49	63.49	63.49	63.49	63.49
12.	Reserve (Excluding Revaluation Reserves)	---	----	-----	-----
13.	Earning Per Share(rs) (excluding extra-ordinary items)
	(a) Basic	0.46	(0.76)	0.91	(2.11)	(1.41)
	(b) Diluted	0.40	(0.76)	(0.87)	(2.11)	(1.41)
14.	Aggregate of Non-Promoter Shareholdings
	(a) Number of Shares	33359366	3361366	33359366	33361365	33359766
	(b) Percentage of Shareholding	52.55%	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 26^th October, 2004, and the same have been reviewed by the statutory auditors.
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 30.42 crores as on 31.03.2003 has not been recognised in view of uncertinity of its realiasation, as recommended under Accounting Standard( AS) - 22 on "Deffered Taxation" issued by Institute Of Charted Accountants Of India.
The company had set-off accumulated losses of Rs 70.21 crores as at 31.03.2002, against revaluation reserves arisen on revaluation of certain assets. This was qualified by the Auditors in the Audit Report for the year ended 31.03.2002. The company did so based on legal opinion taken by the company.
The Company has not not made provision of interest on Debentures privately placed with IDBI of Rs. 2.77 crores for the year ended 2003-04 and Rs. 1.58 crores for half year ended 30.09.2004. The provision has not been made since the company is in negotiation for reduction/waiver of the same with concerned institution.
Other income includes remissions of certain terms liabilities of Rs. 0.77 crores for the quarter under review.
The securities of the company has been delisted from the Delhi, Uttar Pradesh & Madras Stock Exchange.
During the quarter 5 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.
AS-28 regarding impairment of Assets is mandatory in respect of accounting period commencing on or after 01.04.2004, impact of same shall be reviewed at year end.