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Annual Report-2007-08

Financial Results

REGD. OFFICE: 'JASMINE TOWER' 3RD FL, 31, SHAKESPEARE SARANI, KOLKATA-700 017
Unaudited Financial Results For The Quarter Ended on 31st March, 2010
Rupees in Lacs
Kanco Overseas Mackeypore Tea Estate

Sl. No.

 Particulars Unaudited Unaudited Audited
Quarter Ended Year Ended
31.03.2010 31.03.2009 31.03.2010 31.03.2009

1

a

 Net Sales/ Income from Operations 2,713 1,943 9,364 6,816

 

b

 Other Operating Income 149 66 377 228

2

 Expenditure
a (Increase)/Decrease in Stock in trade & work in progress 125 69 129 148
b Consumption of raw materials 1,761 1,140 6,254 4,553
c Employees Cost 203 140 667

506
d Power & Fuel 376 291 1,498

1,085
e Depreciation 127 141 497 561
f Selling & Distribution Expenses 128 88 384 386
g Other Expenditure 96 257 751 663
Total Expenditure
(2a+2b+2c+2d+2e+2f+2g+2h)		 2,816 2,126 10,180

7,902

3

 Profit from Operations before Other Income Interest and Exceptional items (1-2) 46 (117) (439) (858)
4
 Other lncome 53 9 70 33

5

 Pfofit before Interest and Exceptional ltems (3+4) 99 (108) (369) (825)

6

 Interest 155 138 571

493

7

 Profit after Interest but before Exceptional ltems (5-6) (56) (246) (940) (1,318)

8

 Exceptional items - - - -

9

Profit (+)/Loss C)from Ordinary Activities before tax (7+8)

 (56) (246) (940) (1318)
10 Tax Expenses (61) (144) (229) (426)
11 Net Profit(+)/LossC) from ordinary Activrties after tax (9-10) 5 (102) (711) (892)
12 Extraordinary ltems (net of tax expenses) - - - -
13 Net Profit(+)/Lossc) for the period (11-12) 5 (102) (711) (892)

14

 Paid -up Equity Share Capital (Face Value pef share Rs 10/-) 1,543 1,543 1,543 1,543

15

 Reseves excluding revaluation reserve as per balance sheet
of previous accounting year		 - - - 628

16

 Earning Per Share (EPS)
  a Basic & Diluted EPS before EOI per share (Rs.) (not annualrsed) 0.03 (0.66) (4.61) (5.78)
  b Basic & Diluted EPS after EOI per share (Rs.) (not annualised) 0.03 (0.66) (4.61) (5.78)

17

 Public Shareholding:
- Number of Shares 4132170 4132170 4132170 4132170
- Percentage of Shareholding 26.78% 26.78% 26.78% 26.78%
18 Promoters and promoter group shareholding        
  a) Pledged/Encumbered        
  - Number of Shares 5400636 Nil 5400636 Nil
  - Percentrage of shares ( as a % of the total shareholding of promoter and promoter group) 47.80% Nil 47.80% Nil
  - Percentage of shares (as a % of total shareholding of the Company) 35.00% Nil 35.00% Nil
  b) Non-Encumbered        
  - Number of Shares 5897568 11298204 5897568 11298204
  - Percentrage of shares ( as a % of the total shareholding of promoter and promoter group) 52.20% 100.00% 52.20% 100.00%
  - Percentage of shares (as a % of total shareholding of the Company) 38.22% 73.22% 38.22% 73.22%
   
Notes:  
   
1. The figures for the corresponding periods have been restated, wherever necessary, to make them comparable.
   
2. The Company's Scheme of Arrangement (Scheme), to demerge the Tea division (demerged undertaking) to Kanco Tea & Industries Limited (formerly known as Dhanvaridhi Concerns Limited) (Resulting Company) was approved by the Hon'ble High Court at Calcutta on 10th of March,2010 and was effective from 8th of April,2010.
In terms of the Scheme, the assets and liabilities pertaining to the demerged undertaking have been transferred at values appearing in the books of accounts as on the beginning business hours on 1st day of April,2009. Accordingly net assets of Rs.1,46,95,682/- have been demerged to Kanco Tea & Industries Limited, the resulting company. The net assets transferred have been appropriated against the General Reserve, pursuant to the court order.
The appointed date in terms of the scheme is 1st April, 2009 and accordingly, previous years figures of Kanco Enterprises Limited, the demerged company have been adjusted and exclude amounts pertaining to the Tea division."
   
3. Accounting Standard -17 dealing with Segment Reporting is presently not applicable in view of revenue from manufacturing of Cotton Yarn and Knitted Fabrics.
   
4. Provision for Deferred Tax Asset has been made in accordance with the Accounting Standard "22" issued by the Institute of Chartered Accountants of India.
   
5. No complaint was pending on 01/01/2010 and none received during the quarter ended 31/03/2010.
   
6. Pursuant to Clause 41 of the Listing Agreement, the Statutory Auditors of the Company have carried out a "Limited Review" of the Unaudited Financial Results for the Quarter ended 31st March,2010.
   
7. The above results were reviewed by the Audit Committee and approved at the meeting of Board of Directors held on 14th May,2010.
   
   
 
By the order of the Board
   
 
U.Kanoria
 
Chairman & Managing Director
Kolkata, the 14th day of May,2010

Segment Result & Notes
 
Kanco Enterprises Limited - Where Quality is the way of life
   
 
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