Audited Financial Results
For the year ended 31st March, 2004
Audited Financial Results For the Twelve Months ended 31st March, 2004
(Rs. in lakhs)
Sr. no.
Particulars
Nine months ended
31.12.2003

Three
months
ended
31.03.2004

Three months ended 31.03.2003

Year ended 31.03.2004
(Audited)

Year ended 31.03.2003
(Audited)
1.
 Net Sales / Income from Operations
92254
40740
37849
132994
123041
2.
 Other Income
1251
676
258
1927
1642
3.
 Total Expenditure
a
 (Increase)/Decrease in stock in trade
(1612)
(161)
428
(1773)
168
b
 Consumption of raw materials
66944
29718
25783
96662
86399
c
 Staff cost
9398
3221
3462
12619
12573
d
 Excise Duty
3492
2182
2025
5674
6495
e
 Other expenditure
12198
4338
5087
16536
14939
Total
90420
39298
36785
129718
120574
4.
 Interest (Net)
116
64
(67)
180
255
5.
 Depreciation
987
338
352
1325
1448
6.
 Profit before tax and Extraordinary / Exceptional items
1982
1716
1037
3698
2406
7.
 Extraordinary / Exceptional items (Net)
362
627
(196)
989
499
8.
 Profit before Taxation
2344
2343
841
4687
2905
9.
 Provision for taxation - Current
212
218
131
430
347
10.
 Debit / Credit for Deferred Taxation
160
194
(534)
354
-
11.
 Net Profit after tax
1972
1931
1244
3903
2558
12.
 Paid-up equity share capital (Face value Rs.10/-)
3305
3305
3305
3305
3305
13.
 Reserves excluding revaluation reserves
15595
12811
14.
 Basic and Diluted Earning per share after Extraodinary / Exceptional items (Rs) (*not annualised)
*5.96
*5.84
*3.76
11.80
7.73
15
 Aggregate of non-promoter shareholdings
- Number of shares
23910852
23910852
24589455
23910852
24589455
- Percentage of shareholding
72.26
72.26
74.32
72.26
74.32

Notes :

1. Extraordinary/Exceptional Items (Net) for the year ended 31st March, 2004 comprise: Profit on sale of Properties/transfer of development rights on property/compensation on surrender of tenancy rights - Rs 4789.98 lakhs (previous year - Rs 1509.25 lakhs) (Profit on sale of property of Rs 342 lakhs reported in the third quarter has been reversed in the fourth quarter in view of certain approval from Government not forthcoming, resulting in delay of execution of conveyance.) Profit on sale of trade investments - Rs 5.11 lakhs (previous year - Nil), Net Provision for Doubtful Advances written back - Rs 77.71 lakhs (previous year - Rs 11.03 lakhs), Profit on sale of fixed assets classified as inventories - Rs 5.25 lakhs (previous year - Nil), Net profit on conversion of units of UTI - Rs 0.40 lakh (previous year - Nil), Charge of Rs 3507.98 lakhs towards VRS expenses (previous year - Rs 79.98 lakhs towards amortisation of VRS expenses), Provision of contingency - Rs 225 lakhs (previous year - Rs 1000 lakhs), Provision for Doubtful Advances Rs 132.06 lakhs (previous year - Nil), Loss on revaluation of assets of discontinued business Rs 16.15 lakhs (previous year - Rs 33.37 lakhs), Provision for diminution in value of investments - Rs 7.97 lakhs (previous year - Nil), Others - Nil (previous year - Rs 92.42 lakhs - net credit)

2. The Company has, taking a conservative view, changed its Accounting Policy with regard to cost of Voluntary Retirement of employees which has been charged off in full to the Profit and Loss Account instead of amortising the same over 36 months as was done in the previous years. Consequent to this change, the profit before tax for the current year is lower by Rs 2824 lakhs.

3. Consequent to the change in the Accounting Policy in regard to revenue recognition from "substantial completion" method to "percentage completion" method for Central Airconditioning contracts, the profit before tax for the current year is higher by Rs 164.18 lakhs.

4. Other Expenditure includes a provision by way of abundant caution of Rs 782 lakhs in respect of encashment of bank guarantee on premature termination of a contract for which the Company has disputed the claim.

5. Provision for taxation for the year ended 31st March, 2004 includes foreign income tax of Rs 44.64 lakhs (previous year Rs 149.81 lakhs) and wealth tax of Rs 25.61 lakhs (previous year Rs 10 lakhs).

6. The Board of Directors have recommended a dividend @ 30% for the year 2003-04 (previous year -25%).

7. The above results have been taken on record by the Board of Directors at its Meeting held on 9th June, 2004.

8. There were no investor complaints pending as on 1st January, 2004 or 31st March 2004. The Company had received one investor complaint during the current quarter which was attended to.


Segment Report for the Year ended 31st March, 2004
(Rs in Lakhs)
Particulars
Three Months
Ended
31.03.2004
Three Months
Ended
31.03.2003
Financial Year
Ended
31.03.2004
Financial Year
Ended
31.03.2003
1.
 Segment Revenue
a
 Segment - A (Electro- Mechanical Projects and Services
22158
21618
73423
64712
b
 Segment- B (Engineering Agency and Services)
2398
2073
8367
6488
c
 Segment - C (Unitary Cooling Products for Comfort and Commercial use)
13719
11861
42324
41820
d
 Others
2433
2391
8880
10193
Less: inter segment revenue
(32)
94
-
172
Net Sales / Income from Operations
40740
37849
132994
123041
2.
 Segment Results
a
 Segment - A (Electro - Mechanical Projects and Services)
672
970
2064
3137
b
 Segment - B (Engineering Agency and Services)
1003
768
2747
2159
c
 Segment - C (Unitary Cooling Products for Comfort and Commercial use)
530
(593)
602
(125)
d
 Others
(214)
(9)
529
773
Total
1991
1136
5942
5944
Less :
i
 Interest
64
(67)
180
255
ii
 Other unallocable expenditure net off unallocable income
211
166
2064
3283
Net Profit before Extraordinary / Exceptional Items
1716
1037
3698
2406
Extraordinary / Exceptional Items
627
(196)
989
499
Net Profit before Tax
2343
841
4687
2905
3
 Capital Employed
a
 Segment - A (Electro - Mechanical Projects and Services)
6001
5033
6001
5033
b
 Segment - B (Engineering Agency and Services)
1475
1233
1475
1233
c
 Segment - C (Unitary Cooling Products for Comfort and Commercial use)
7174
4738
7174
4738
d
 Others
2806
3403
2806
3403
Total
17456
14407
17456
14407

Notes:
Figures for previous quarter and year ended 31st March 2003, have been regrouped, wherever necessary.


Audited Consolidated Financial Results
For the Twelve Months ended 31st March, 2004
(Rs in lakhs)
Sr. no. 
Particulars
Year
ended
31.03.2004
(Audited)
Year
ended
31.03.2003
(Audited)
1.
 Net Sales / Income from operations
143752
134212
2.
 Other Income
1791
1509
3.
 Total Expenditure 
a.
 (Increase)/ Decrease in stock in trade
(1770)
 (166)
b.
 Consumption of raw materials
101993
92325
c.
 Staff Cost
13598
13534
d.
 Excise Duty
7757
8658
e.
 Other Expenditure
18022
16305
Total
139600
130656
4.
 Interest (Net)
335
437
5.
 Depreciation
1595
1766
6.
 Profit before tax and Extraordinary / Exceptional items
4013
2862
7.
 Extraordinary / Exceptional items (Net)
834
527
8.
 Profit before Taxation
4847
3389
9.
 Provision for Taxation - Current
462
384
10.
 Debit / Credit for Deferred Taxation
354
31
11.
 Net Profit after tax
4031
2974
12.
 Paid-up equity share capital (Face value Rs 10/-)
3305
3305
13.
 Reserves excluding revaluation reserves
18174
15337
14.
 Basic and Diluted Earning per share after Extraodinary / Exceptional items (Rs)
12.18
8.90
15.
 Aggregate of non-promoter shareholding
- Number of shares
23910852
24589455
-
Percentage of shareholding
72.26
74.32

Notes on Consolidated Financial Results for the year ended 31st. March, 2004
1) The following Subsidiaries, Associates and Joint Ventures have been considered for the purpose of preparing Consolidated Financial Accounts as per Accounting Standard on :
a) Consolidated Financial Statement (AS 21)
b) Accounting for Investments in Associates in  Consolidated Financial Statements (AS 23)
c) Financial Reporting of Interests in Joint Ventures (AS 27)

Name of the Company
Ownership in % either directly or through Subsidiaries
Subsidiaries
  
1.
 Simto Investment Company Ltd.
94.33
2.
 Auto Aircon (India) Ltd.
100.00
3.
 Metrovol FZE
100.00
4.
 VIL Overseas Enterprises BV
100.00
5.
 Voice Antilles NV
100.00
Joint Ventures
1.
 Universal Comfort Products Private Limited
50.00
2.
 Saudi Ensas Company for Engineering Services Ltd.
49.00
3.
 Universal Voltas LLC
49.00
4. Weathermaker Ltd.
49.00
5.
 Lalbuksh Voltas Engineering and Trading LLC
49.00
 
Associate
1.
Simtools Ltd.
46.10


1. Extraordinary/Exceptional Items (Net) for the year ended 31st March, 2004 comprise: Profit on sale of Properties/transfer of development rights on property/compensation on surrender of tenancy rights - Rs 4789.98 lakhs (previous year - Rs 1509.25 lakhs) (Profit on sale of property of Rs 342 lakhs reported in the third quarter has been reversed in the fourth quarter in view of certain approval from Government not forthcoming, resulting in delay of execution of conveyance.) Profit on sale of trade investments - Rs 5.11 lakhs (previous year - Nil), Net Provision for Doubtful Advances written back - Rs 77.71 lakhs (previous year - Rs 11.03 lakhs), Profit on sale of fixed assets classified as inventories - Rs 5.25 lakhs (previous year - Nil), Net profit on conversion of units of UTI - Rs 0.40 lakh (previous year - Nil), Charge of Rs 3507.98 lakhs towards VRS expenses (previous year - Rs 79.98 lakhs towards amortisation of VRS expenses), Provision of contingency - Rs 225 lakhs (previous year - Rs 1000 lakhs), Provision for Doubtful Advances Rs 132.06 lakhs (previous year - Nil), Loss on revaluation of assets of discontinued business Rs 16.15 lakhs (previous year - Rs 33.37 lakhs), Provision for diminution in value of investments - Rs 7.97 lakhs (previous year - Nil), Others - Nil (previous year - Rs 92.42 lakhs - net credit)

2. The Company has, taking a conservative view, changed its Accounting Policy with regard to cost of Voluntary Retirement of employees which has been charged off in full to the Profit and Loss Account instead of amortising the same over 36 months as was done in the previous years. Consequent to this change, the profit before tax for the current year is lower by Rs 2824 lakhs.

3. Consequent to the change in the Accounting Policy in regard to revenue recognition from "substantial completion" method to "percentage completion" method for Central Airconditioning contracts, the profit before tax for the current year is higher by Rs 164.18 lakhs.

4. Other Expenditure includes a provision by way of abundant caution of Rs 782 lakhs in respect of encashment of bank guarantee on premature termination of a contract for which the Company has disputed the claim.

5. Provision for taxation for the year ended 31st March, 2004 includes foreign income tax of Rs 44.64 lakhs (previous year Rs 149.81 lakhs) and wealth tax of Rs 25.61 lakhs (previous year Rs 10 lakhs).

6. The Board of Directors have recommended a dividend @ 30% for the year 2003-04 (previous year -25%).

7. The above results have been taken on record by the Board of Directors at its Meeting held on 9th June, 2004.

8. There were no investor complaints pending as on 1st January, 2004 or 31st March 2004. The Company had received one investor complaint during the current quarter which was attended to.
9th June, 2004
A TATA ENTERPRISE
 Sd/- 
A. SONI 
Managing Director