Sical Logistics Ltd Consolidated audited financial results: year to 31 March 2007
All amounts in Rs crore, except for per share data
Particulars
9 months to
3 months to
3 months to
Year to
Year
to
31.12.2006 Unaudited
31.03.2007 Unaudited
31.03.2006 Unaudited
31.03.2007 Audited
31.03.2006 Audited
1.
Net sales
Logistics
388.55
212.78
173.28
671.00
635.07
Discontinuing operations
283.95
103.05
96.00
387.00
357.90
Total net sales
672.50
315.83
269.28
1058.00
992.97
2.
Other income
6.66
15.87
6.00
22.84
5.50
3.
Total expenditure
(Increase)/decrease
in stock-in-trade
2.47
4.31
(5.03)
6.78
5.72
Consumption of raw
materials
31.95
5.85
8.93
37.80
49.53
Purchase of traded
goods
Stores consumed
205.05
84.82
80.34
289.87
237.48
Staff cost
0.95
4.48
1.73
5.43
3.15
Power, fuel and water
charges
15.38
9.51
5.76
28.30
23.62
Manufacturing and
other expenses
2.24
1.90
1.71
4.14
4.90
Cost of services
26.36
13.31
14.12
44.12
37.53
339.49
201.09
131.80
578.58
517.56
4.
Profit before interest, depreciation, and tax (PBIDTA)
Logistics net
45.73
4.46
27.71
73.69
102.81
Discontinuing operations
9.54
1.97
8.21
12.12
27.61
Total PBIDTA
55.27
6.42
35.92
85.81
130.42
5.
Interest
22.73
(5.18)
1.53
21.11
28.02
6.
Depriciation
10.23
3.60
3.89
20.44
18.53
7.
Profit Before
Exceptional Items & Tax
22.31
8.0
30.50
44.25
83.87
8.
Provision for tax
(including deferred tax and fringe benefit tax)
5.85
15.86
29.74
34.14
38.76
9.
Profit after tax before exceptional items
(0.19)
0.59
(0.36)
1.05
2.63
10.
Exceptional items – (Net of tax)
22.49
(11.59)
-
10.90
-
11.
Profit after tax after exceptional items
28.34
4.27
29.74
45.04
68.76
12.
Prior Period adjustments
-
0.01
11.41
-
11.41
13.
Net profit
28.34
4.28
18.33
45.04
57.35
14.
Paid-up equity share
capital
30.19
30.19
30.19
30.19
30.19
15.
Reserves (excluding
revaluation reserve)
-
-
-
314.27
297.15
16.
EPS
Basic EPS (Rs) before exceptional items and prior period adjustments
1.94
5.26
9.34
11.31
24.52
Diluted EPS (Rs) before exceptional items and prior period adjustments
1.64
4.39
9.34
9.46
24.52
Basic EPS (Rs) after Exceptional Items & Prior Period Adjustments
9.38
1.42
5.76
14.93
20.44
Diluted EPS (Rs) after exceptional items andprior period adjustments
7.93
1.18
5.76
12.48
20.44
17.
Aggregate of non-promoters' shareholding
-Number of shares
13,139,174
13,139,174
13,139,174
13,139,174
13,139,174
-Percentage of shareholding
43.55%
43.55%
43.55%
43.55%
43.55%
Segment
wise Revenue, Results and Capital Employed for
Year Ended 31st March
2007
(Rs. in Crores)
Consolidated
Particulars
Year Ended
31.03.2007
(Audited)
Year Ended
31.03.2006
(Audited)
31.03.2007
(Audited)
1.03.2006
(Audited)
A
SEGMENT
REVENUE
a)Logistics
601.33
616.75
671
639.49
b)Discontinuing Operations
387.28
346.86
387
357.90
Total
988.61
963.61
1058.00
997.39
Less: Inter Segment Sales
(0.28)
(3.23)
0.00
(4.42)
Net sales / Income from Operations
988.33
960.38
1058.00
992.97
B
SEGMENT RESULTS
Profit / (Loss) (Before Tax
and Interest) from each segment
a)Logistics (Net)
50.82
91.45
69.50
82.63
b)Discontinuing Operations
7.68
17.13
8.26
28.30
Total
58.50
105.22
77.66
110.93
Less:
i)Interest
28.19
29.90
33.51
31.56
Total
Profit before Tax before Extraordinary Items
33.31
75.32
44.25
79.37
C
CAPITAL EMPLOYED
(Segment Assets –
Segment Liabilities)
a)Logistics (Net)
446.20
262.09
562.77
289.88
b)Discontinued Operations
407.13
375.81
416.41
384.93
Total
Capital Employed
853.33
637.90
979.18
674.81
Notes:
The above audited results were reviewed by Sical's audit committee and approved by Sical's Board of Directors at their meeting held on 25 June 2007.
The Board of Directors at their meeting held on 13 March 2007 approved a scheme of arrangement for transfer of certain undertakings of the company (as defined as "transferred undertaking” in the Scheme of Arrangement) to Sicagen India Ltd, currently a 100% subsidiary of the company. The scheme is subject to the approval of Sical's shareholders of and the High Court of Madras. The company has initiated necessary steps for the approval of the scheme.
In accordance with Accounting Standard 24, results for the discontinuing operations have been disclosed. Discontinuing businesses include: i) Trading, plantations and services businesses for which the Board of Directors have approved a Scheme of Arrangement (as per Note b) ii) Auto components, drums and specialty chemicals businesses for which the Board of Directors have passed a resolution approving their disposal.
Exceptional items include the net impact of the disposal of the non- logistics businesses of refractories, agri bio-products, flexible shafts and real estate property and restructuring costs. It also includes the sale of shares of Mac Oil Palm post the approval of the High Court of Madras for the scheme of demerger.
Statutory auditors' comments on the audited accounts for the year ended 31 March 2007 along with the company's responses are:
(i) Comment: Investments in certain shares considered as long term investments stated at book value, whose market value is lower by Rs.6.67 crore. Response: Investments in these equity shares are strategic long term investments and the intrinsic value of the same is significantly higher as compared with its market value. The board is of the view that provision for any shortfall in market prices of long term investments may not necessarily be a true reflection of the company's net worth and hence the difference between market value and book value need not be provided for.
(ii) Comment: Advances under court cases and Arbitration aggregating Rs 23.11 crore are stated at book values. Response: These pertain to cases under court and arbitration proceedings and are being closely followed up with legal counsels.
(iii) Comment: Dues by subsidiary aggregating Rs 74.99 crore are stated at book values. Response: The company is in the process of restructuring its subsidiary company to deal in estates and properties. Various amounts due from the subsidiary company will be either refunded by the subsidiary or restructured by way of (a) transfer of its investments or (b) sale of other assets.
During the quarter to 31 March 2007, seven investor complaints were received and dealt with. The number of complaints as at beginning and closing of the quarter was NIL.
Figures pertaining to the previous periods have been regrouped, reclassified, rearranged wherever necessary.
