Quarter Ended June 03
NATIONAL ENGINEERING INDUSTRIES LTD. JAIPUR
REGD. OFFICE: 9/1 R. N. MUKHERJEE ROAD. KOLKATA - 700001
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30.06.03
 
( RS. IN LACS )
DESCRIPTION QTR ENDED
30.06.03
Reviewed		 QTR ENDED
30.06.02
Unaudited		 YEAR ENDED
31.03.03
Audited
1.SALES / INCOME FROM OPERATIONS 6305.19 5168.18 26942.31
2.OTHER INCOME 19.15 83.05 152.05
  6324.34 5251.23 27094.36
3.TOTAL EXPENDITURE 5207.67 4372.50 22775.80
a) Increase (-) / Decrease (+) in stock in trade -789.80 -422.20 566.29
b) Consumption of raw material 2687.41 2252.11 10147.17
c) Staff cost 1471.13 1227.28 4981.97
d) Other expenditure 1838.93 1315.31 7080.37
4.INTEREST 402.98 665.91 2306.52
 
5.DEPRECIATION 344.46 344.92 1633.66
6.PROFIT (+) / LOSS (-) BEFORE TAX (1+2-3-4-5) 369.23 -132.10 378.38
7.PROVISION FOR TAXATION -28.00 0.00 -35.00
8.DEFERRED TAX ASSETS / LIABILITY -133.50 0.00 -126.34
9.NET PROFIT (+) / LOSS (-) ( 6-7-8 ) 207.73 -132.10 217.04
10.PAID UP EQUITY SHARE CAPITAL (Face value of each share Rs. 10 each)     80.00
11.RESERVE EXCLUDING REVALUATION RESERVE 7943.01
12.BASIC EPS FOR THE PERIOD (NOT ANNUALISED) 25.97 -16.51 27.13
13.Aggregate of non-promoter's share holding
Number of shares 		131146 131146 131146
% of shareholding 16.39 16.39 16.39
( RS. IN LACS )
  QTR ENDED
30.06.03
Reviewed		 QTR ENDED
30.06.02
Unaudited		 YEAR ENDED
31.03.03
Audited
1. Segment Revenue
a) Segment - A Bearing Division 5955.21 5015.47 25382.86
b) Segment - B TECHNICAL & CONSULTANCY SERVICES 45.98 59.01 328.69
c) Segment - C Agency Services 146.02 0.00 461.23
d) Segment - D Rubber Products & Others 177.13 176.75 858.08
Total Net Sales / Income from Operations 6324.34 5251.23 27030.86
Less : Inter segment revenue 0.00 0.00 0.00
Net sale / income from operations 6324.34 5251.23 27030.86
2. Segment wise revenue, results and capital employed 
Profit (+) / Loss (-) before tax and interest from each segment
a) Segment - A Bearing Division 714.44 601.97 3023.42
b) Segment - B TECHNICAL & CONSULTANCY SERVICES -52.52 -51.28 -278.90
c) Segment - C Agency Services 143.88 0.00 455.93
d) Segment - D Rubber Products & others 4.83 7.73 47.92
Segment wise profit before interest & tax 810.63 558.42 3248.37
Less : i. Interest 402.98 665.91 2306.52
 ii. Other un-allocable expenditure net off un-allocable income 38.42
 		 24.61
 		 563.47
Total Profit before Tax 369.23 -132.10 378.38
3.Capital Employed (Segment Assets-Segment Liabilities)      
a) Segment - A Bearing Division 17209.39 19869.57 18407.43
b) Segment - B TECHNICAL & CONSULTANCY SERVICES

 		 282.61 218.13 809.17
c) Segment - C Agency Services 118.53 21.55 32.4
 
d) Segment - D Rubber Products & others 402.02 410.05 408.8
Total 18012.55 20519.30 19657.80
 

Notes:

1. The Company continues to adopt same accounting policies in respect of matters referred by the Auditors of the Company in their report for the year ended March 31, 2003, which are as follows:

a) Liability for leave encashment to employees is accounted for on cash basis.

b) Gratuity liability is accounted for to the extent of premium paid to LIC, which together with future payments would be sufficient to meet the liability as and when it arises (excluding the gratuity liability of contract labour at Jaipur & Newai, the amount whereof has not been determined.) The effect of the above non compliance upto March 2003 was Rs 1281.99 lacs. Since the above issues are not quantified at quarterly intervals, the impact of the same cannot be given for the current quarter ended June 30, 2003.

c) No provision has been considered necessary in respect of certain doubtful debts, claims and advances, as the Company is hopeful of recovering these amounts.

d) No provision has been considered for claim under conciliation proceedings, as the impact thereof is not ascertainable.

2 Due to change in the accounting policy with respect to valuation of inventories for the year ended 31st March 2003, the results for the quarter ended 30th June 2002 has been recast.

3 The Company has invested an amount of Rs.1694.79 lacs in the share capital of a listed company. The market value of the above investment as at 30th June, 2003 is Rs. 832.65 lacs .In the opinion of the management, the above investment being a long term strategic investment and also decline in the market value being temporary in nature, no provision thereagainst is required to be made in the accounts.

4 The Company has invested a total amount of Rs. 690.00 lacs in the share capital of an unlisted company. Further, a loan of Rs. 1331.23 lacs is also due from this unlisted company. As per the latest available audited financial statements of this company, its accumulated losses exceed its paid up capital. However, in view of the projected improved operations of the company and having regard to the long-term involvement of the Company in this company, no provision is considered necessary on this account.

5 Pursuant to Accounting Standard 26 on Intangible Assets, the Company has adjusted unamortised expenditure on Voluntary Retirement Scheme / Early retirement scheme and Processing Fee on restructuring of loans amounting to Rs 1473.56 lacs from the General Reserve as on 1st April 2003.Expenses incurred on above during the current quarter have been charged to the Profit & Loss Account. As a result of the above change, Profit before Tax for the current quarter ended is higher by Rs 33.62 lacs .

6 The company did not have any unresolved investor complaints as at the beginning/end of the quarter. During the quarter, the company has not received any complaints.

7 Figures have been regrouped / rearranged wherever necessary. 

8 The above results for the three months ended June 30,2003,which have been subjected to a”Limited Review” by auditors of the Company and taken on record by the Board of Directors of the Company at the meeting held on 28th July, 2003.

Place: New Delhi

  By order of the Board

Date: 28.07.03

Director
 
 

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